Old British Steel Pension Scheme (PO-20360)

Ombudsman’s Determination

Outcome

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

Complaint summary

Mr S has complained about the change in the Cash Equivalent Transfer Value (CETV) calculation basis. He has said that he was disappointed with the CETV that he was paid compared to other members who transferred out of the OBSPS after the change in CETV calculation basis.

Mr S has also complained about the factors used during the calculation of his CETV. He said that The Pensions Advisory Service (TPAS) told him that the factor used to represent his length of retirement was at the lower end of the range of figures TPAS would usually see. He said that this meant that his CETV was undervalued.