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HSBC (UK) Pension Scheme (PO-14900)

Complainant: Mrs S
Complaint Topic: Transfers: general
Ref: PO-14900
Outcome: Upheld
Respondent: 1. ReAssure Ltd (ReAssure) - formerly HSBC Life (UK) Limited
2. Transact
Type: Pension complaint or dispute
Date:

Ombudsman’s Determination

Outcome

Mrs S’ complaint is upheld against ReAssure, but not against Transact.  To put matters right, ReAssure should pay £500 compensation to Mrs S, for the significant distress and inconvenience that has been caused to her.

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

Complaint summary

Mrs S’ complaint about ReAssure (the ceding scheme) and Transact (the receiving scheme), is that they both contributed to delaying the transfer of her funds, which resulted in financial loss to her.

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