HSBC (UK) Pension Scheme (PO-21111)
Mr D’s complaint is partly upheld and as WTW and the Trustee of the Scheme (the Trustee) have already adequately tried to put matters right for Mr D, during the Adjudicator’s investigation, no further action is required on WTW’s part.
Mr D complains that WTW, the administrator of the Scheme, failed to provide complete, clear and consistent information, about the benefits available to him from the defined contribution (DC) section of the Scheme in a timely fashion.
In particular, Mr D alleges that WTW failed to act upon Jersey pensions legislative changes, which came into force in January 2018, that materially changed the options available to him in the DC section of the Scheme. These changes included the removal of the condition that members must have not resided in Jersey for three years before approval of a transfer of pension rights outside of Jersey could be sought.
Mr D contends that despite having made WTW aware of these changes, it refused to acknowledge them or provide details of the new benefit options available to him of its own accord.
Mr D contends that he would now be financially worse had he not transferred his DC fund outside of Jersey in 2018, and chosen instead one of the options which WTW said was available to him.
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