Hornbuckle Flexible Pension Plan (PO-9782)

Ombudsman’s Determination

Complaint summary

Mr N’s complaint is summarised as follows:

HM told him he would receive a return of GBP £6,238.00 from his investment in the “USD Absolute Macro Diversified Fund” (Absolute Fund). When his funds were disinvested, he actually received an uncrystallised funds pension lump sum (UFPLS) of GBP £3,376.75. He believes that HM’s explanation of this difference is inadequate and he is entitled to the shortfall.

HM did not provide annual statements and so he was unable to monitor the value of the funds.

He was unaware of any fees until he received a letter from HM, dated 10 July 2015, which provided details and the service was poor. As a result of this, he considers HM should refund a proportion of the fees.#

Summary of the Ombudsman’s Determination and reasons

The complaint should be partly upheld against HM because it did not carry out sufficient  reconciliation checks when receiving proceeds of liquidation from the Absolute Fund. I do not uphold the rest of the complaint.

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