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Citibank (UK) Pension Plan (CAS-37741-Y7G0)

Complainant: Ms K
Complaint Topic: Fund switches
Ref: CAS-37741-Y7G0
Outcome: Not upheld
Appeal outcome: None
Respondent: CG Pension Trustees Ltd
Type: Pension complaint or dispute
Date:
Appeal: No

Ombudsman’s Determination

Outcome

I do not uphold Ms K’s complaint and no further action is required by the Trustee.

Complaint summary

Ms K has complained that the Trustee did not provide sufficiently clear information in its leaflets, (the SNAP Communications), about the changes to the Plan’s default investment fund and lifestyle investment approach (the Investment Changes).

Ms K has contended that if the Trustee had made it clear that around half of her existing investments would be switched in one go from equities to gilts and corporate bonds, she would have opted out of the Investment Changes and not suffered a considerable financial loss.

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