Suffolk Life Pension Plan (PO-7668)

Ombudsman’s Determination

Outcome

I do not uphold Mr N’s complaint and no further action is required by Suffolk Life.

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

Complaint summary

Mr N says that due to Suffolk Life’s incompetence and neglect, it lost the guarantor to a property held as an asset of the Plan. As a consequence of this, the sale of the property was inevitable due to a breach of covenant.  The sale of the property was at the time when the market slumped which resulted in his pension fund suffering a catastrophic loss.