Barloworld UK Pension Scheme (PO-26347)

Ombudsman’s Determination

Outcome

I do not uphold Mr T’s complaint and no further action is required by the Trustee or the Administrator.

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

Complaint summary

Mr T complains that two months after submitting completed transfer paperwork, he was advised that the transfer value illustration was incorrect in that his Scheme benefits had been overstated. He says that he has been unable to complete the transfer as he does not know the correct transfer value. As a result of this, he has lost investment growth that he would have received from his new provider and his retirement plans and future decisions have been put on hold.

Mr T would like to be put in the position he would have been in had the correct transfer value been paid in July 2017. He would like compensation for himself and his current independent financial adviser (the current IFA).