Legal and General Stakeholder Pension Plan (PO-26967)
Ombudsman’s Determination
Outcome
I do not uphold Mr Y’s complaint and no further action is required by L&G.
Complaint summary
Mr Y has complained that L&G did not carry out sufficient due diligence checks when transferring his benefits from the Plan to a Small Self-Administered Scheme (the SSAS) in 2014.
The complaint arises as the SSAS was invested in a high risk, commercial business, unsuitable as a pension fund investment, which has subsequently failed. Mr Y fears he has lost much of his pension fund as a result.
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