The Jim Lea Music Limited No 2 Retirement & Death Benefits Scheme (PO-17973)

Ombudsman's Determination

Outcome

I do not uphold this complaint and no further action is required by Aegon.

Complaint summary

Mr A has complained that Aegon switched the funds in the Scheme from With-Profit funds to a Cash fund on his 65^th birthday without his authority or consent to do so. Aegon then failed to notify him that it had done so. As a result, Mr A lost the difference between the negative yield of the Cash fund and positive investment return he would have obtained had the money remained in the With-Profits funds or been transferred into equivalent funds.