Allianz Retirement and Death Benefit Fund (PO-12188)

Ombudsman’s Determination

Outcome

I do not uphold Mr S’ complaint and no further action is required by the Trustees or JLT.

My reasons for reaching this decision are explained in more detail below.

Complaint summary

Mr S complains about a delay in transferring his benefits in the Fund to a drawdown provider after he left pensionable employment. The Fund is administered by JLT.

Mr S says that part of this delay was due to JLT Wealth Management Service (JLT WMS), a section of JLT authorised to provide advice which is separate to the pension administration team, taking no action. Mr S has said that the delay resulted in a reduction in the value of his benefits as they were disinvested at a later date than they could have been.