Friends Life SIPP (PO-12372)

Ombudsman’s Determination

Outcome

Mr N’s complaint is upheld and to put matters right Friends Life should pay to his drawdown fund a sum representing the difference between the investment return that would have accrued had it completed the transfer in a timely manner and the investment return that has actually been achieved. Friends Life should also provide Mr N with a refund of the portion of the final annual administration fee that has not already been reimbursed.

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

Complaint summary

Mr N’s complaint is that Friends Life delayed unreasonably in providing an accurate valuation of his fund, which prolonged the transfer of his pension benefits and meant that he entered into flexi-access drawdown later than would otherwise have been the case.