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Phoenix Life Personal Pension Plans 6000158J, 6000215A, 6000262H and 6026632 (PO-28313)

Complainant: Mr Y
Topic: Administration
Ref: PO-28313
Outcome: Not upheld
Appeal outcome: None
Respondent: Phoenix Life Limited (Phoenix Life)
Type: Pension complaint or dispute
Date:
Appeal: No

Ombudsman’s Determination

Outcome

I do not uphold Mr Y’s complaint and no further action is required by Phoenix Life.

Complaint summary

 

Mr Y has complained that Phoenix Life did not carry out sufficient due diligence checks when transferring his benefits from the Plans 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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