Leafield Retirement Plan (PO-5072)

Ombudsman’s Determination

Outcome

Mr R’s complaint is upheld, and to put matters right the Trustee shall comply promptly with any CETV request that Mr R makes, and offer him a transfer in cash or in specie or a mixture of both, whichever the Trustee considers most appropriate bearing in mind the Plan’s current assets and the amount of the CETV net of any early exit penalty that is applicable to him at that time, as set out in the agreement that Mr R signed in 2013. If Mr R’s new pension provider then notifies the Trustee that it is willing to accept the transfer in the form offered by the Trustee, the Trustee shall make payment to the new pension provider within 28 working days, and inform Mr R within 7 working days of making payment. FP shall pay Mr R £2,000 for the significant distress and inconvenience that its conduct in this matter has caused him.

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

Complaint summary

Mr R’s complaint about FP and the Trustee is that they failed to send him relevant information about the Plan and did not allow him to transfer to another pension provider.