Lloyds Bank Pension Scheme No.2 (PO-13094)

Ombudsman’s Determination

Outcome

Mr K’s complaint against Equiniti is partly upheld, but there is a part of the complaint I do not agree with. To put matters right (for the part that is upheld) Equiniti should issue a payment to Mr K’s IFA, to the value of £950, to account for the fees incurred from unnecessarily seeking financial advice.

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

Complaint summary

Mr K has complained that Equiniti provided him with an incorrect Cash Equivalent Transfer Value (CETV) in January 2016. Because the quoted value of his benefits was in excess of £30,000, legislation required that Mr K sought independent financial advice in relation to his intended transfer. Mr K was later informed that there had been a calculation error, and the correct CETV was £25,071, meaning he was not obligated to obtain advice from an IFA.

 Mr K has argued that Equiniti should be liable for the IFA fees incurred as a result of the provision of an incorrect CETV. He also believes Equiniti should honour the figures quoted in the January 2016 CETV.