Aon Retirement Plan (CAS-38952-L5P6)

Ombudsman’s Determination

Outcome

I do not uphold Mrs E’s complaint and no further action is required by the Trustee.

Complaint summary

Mrs E has complained that the amount of interest being offered by the Trustee in relation to the late payment of her retirement benefits places her in a “worse” position than she would have been in had the delay in payment not occurred.

The Trustee has since offered to pay interest on the lump sum of arrears at a rate of 1.5% above the Bank of England base rate. However, Mrs E says she remains financially disadvantaged as the rate of inflation over the delayed period was much higher than this.

Mrs E has said that the delay, and subsequent complaint process, caused her significant distress.