The Old British Steel Pension Scheme (PO-20334)

Ombudsman’s Determination

Outcome

I do not uphold Mr Z’s complaint.

Complaint summary

Mr Z has complained about the Cash Equivalent Transfer Value (CETV) he was paid. He said that the CETV he received was significantly less than it would have been had he transferred after the change in the CETV calculation basis.

He also said that, by the time his transfer was paid, the Trustee would have known of the change in CETV calculation basis. So, he should have been paid in accordance with the updated CETV calculation basis.