Yorkshire & Clydesdale Bank Final Salary Scheme and Bradford & Bingley Staff Pension Scheme 1991 (PO-25899)

Ombudsman’s Determination

Outcome

Mr N’s complaint is upheld against the Bradford & Bingley Trustees and to put matters right:

• Bradford & Bingley Trustees shall calculate the deferred pension available to Mr N in the Bradford & Bingley Scheme from the transfer of pension rights from the Clydesdale Bank Scheme and inform Mr N accordingly; and
• if Mr N elects to receive a backdated retirement pension and lump sum from the Bradford & Bingley Scheme, then they shall also calculate and pay simple interest on the payments due.

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

Complaint summary

Mr N complains that:

• either he is entitled to a deferred pension in the Clydesdale Bank Scheme and the Clydesdale Bank Trustees are improperly refusing to pay it to him; or
• if his deferred pension has been transferred to the Bradford & Bingley Scheme, the Bradford & Bingley Trustees have failed to allow for the additional benefits available from this transfer in when calculating the cash equivalent transfer value (CETV) of £25,476.58 which was paid to the HSBC Pension Scheme on 20 April 1995.