Scheme Old British Steel Pension Scheme (OBSPS) (PO-19854)

Ombudsman’s Determination

Outcome

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

Complaint summary

Mr N has complained about the change in Cash Equivalent Transfer Value (CETV) calculation basis. He said he had been told that his CETV quotation was final, however, as the CETV calculation basis changed after his transfer had been paid, this was not the case.

He also complained that the change in CETV values could not be explained wholly by the Trustee saying it had changed its investment strategy.