Royal London (formerly Scottish Life) – Talisman Pension Plans (PO-27598)

Ombudsman’s Determination

I do not uphold Mr N’s complaint and no further action is required by Royal London.

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

Complaint summary

Mr N complains that he was not informed that the increased contribution of £70 he made to the Plan in 1997 did not attract a Guaranteed Annuity Rate (GAR). He says he was not informed of the rule change implemented in 1994 and, if he had been, he would have made different investment choices.

Mr N has suggested the following solutions to resolve his complaint:

That the GAR applies to the whole Plan contributions to date and all future contributions at the current level through to completion in 2024.

That the GAR applies to the whole Plan contributions to date, and to reduced future contributions of £80 a month through to completion in 2024.

That he be put in the position he would have been in had he made the additional contributions to a different scheme.

That the standard annuity element of the Plan be available for immediate transfer at no penalty.