Cambridge Building Society Retirement Plan (PO-20324)

Ombudsman’s Determination

Outcome

I do not uphold Ms B’s complaint and no further action is required by the Trustees.

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

Complaint summary

Ms B’s complaint concerns the Trustees’ decision to transfer the defined contribution (DC) section of the Plan from a Prudential With Profits fund (the Prudential fund) to a Standard Life GARS fund (the GARS fund), the latter of which performed negatively in 2016 resulting in a reduction in the value of Ms B’s pension. Ms B has argued that the Trustees’ decision to do so was flawed, and that it is not providing “good value” for members.