Alsford Page & Gems Limited Pension and Life Assurance Scheme (PO-10833)

Ombudsman’s Determination

Outcome

Mr L’s complaints are not upheld as Clerical Medical is operating the Contract in accordance with the Memorandum, as agreed by the Trustees.

Complaint summary

Mr L has complained that Clerical Medical has unfairly removed the option for members to make additional contributions or transfers into the Scheme that benefit from guaranteed annuity rates (GARs).

Additionally, he has said that Clerical Medical has not invested the contributions into deferred annuities as is required by the investment contract which the Trustees have with it. Without Clerical Medical undertaking a loss assessment, it is unclear whether the correct approach to the investment contract would have been financially beneficial to members.