Firefighters’ Pension Scheme 1992 (PO-12836)

Ombudsman’s Determination

Outcome

I do not uphold Mr S’s complaint and no further action is required by LPFA or LFEPA.

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

Complaint summary

Mr S’s complaint is that in 1998, he decided to remain a member of the 1992 FPS based on incorrect information. He was told that it was a guaranteed 30 year final salary scheme with only two parameters that could change: the lump sum tax status and the potential for his employee contributions to increase up to 15%. Based on this information, he decided not to pursue an investment choice in property.

Following changes to the 1992 FPS, when Mr S tried to transfer out in 2015, he was not given an opportunity to withdraw the full value of his accrued benefits before the 6 April 2015 deadline. He is unhappy about the valuation of his benefits as an unprotected member.

Mr S says that in the current scheme, the value of his fund at age 55 is forecast to be worth around £80,000 to £100,000 less than what his promised 1992 FPS would have been worth at that point. He has also lost flexibility and guarantees.