Phoenix Life Personal Pension Plan (the Plan) Policy Nos: 575703R & 601633L
(PO-22625)

Ombudsman’s Determination

Outcome

Mr Y’s complaint against Phoenix is partly upheld, but there is a part of the complaint I do not agree with. To put matters right for the part that is upheld Phoenix shall pay Mr Y £500 compensation in recognition of the significant distress and inconvenience which he has suffered dealing with this matter.

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

Complaint summary

Mr Y complains that Phoenix failed to provide details of the annuity options available to him from the Plan, which he had requested in October 2017, on a timely basis and did not explain satisfactorily why the Plan “pension savings value” (the Plan Value) had decreased between September and November 2017. He contends that the delay caused him to draw his pension from the Plan late and he has consequently suffered a financial loss. Mr Y also says that the goodwill compensation payment of £150 offered by Phoenix to settle his complaint is derisory given the significant decrease in the Plan Value and its substandard administration service dealing with this matter.