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Grovesnor Solutions Limited Retirement Benefits Scheme (PO-24890, PO-28393, PO-28093 & PO-26158)

Complainant: Mr M (Mr Y, Mr T, Mr K - the Additional Applicants)
Complaint Topic: Pension liberation
Ref: PO-24890 (PO-28393, PO-28093, PO-26158)
Outcome: Upheld
Appeal outcome: None
Respondent: Mr Darryl Kench, trustee of the Scheme (the Trustee)
Type: Pension complaint or dispute
Date:
Appeal: No

Ombudsman’s Determination

Outcome

Mr M’s and the Additional Applicants’ complaints are upheld and, to put matters right, the Trustee shall comply with the directions set out in paragraphs 204 and 205 of this Determination.

Complaint summary

Mr M has complained that the Trustee invested the Scheme’s funds inappropriately, which has resulted in members’ benefits and rights in the Scheme being lost.

Three ‘Additional Applicants’ have complained on what I consider to be identical issues. Those complaints have been associated with Mr M’s complaint by my office. This means that the conclusions reached in respect of Mr M’s case apply equally to the associated cases.

Throughout this Determination I have referred to Mr Kench, in his role as the trustee of the Scheme, as the “Trustee”. Where I have referred to Mr Kench in any other capacity, for example as director of Pension Assist Limited (Pension Assist), I have referred to him as “Mr D Kench”.

View determination

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Related decisions

  • Flexible Pension Plan (PO-29578)
    Complainant: Mr S
    Respondent: Scottish Equitable t/a Aegon
    Outcome: Not upheld
    Complaint Topic: Pension liberation
    Ref: PO-29578
    Date:
  • BT Pension Scheme (CAS-49791-H5B4)
    Complainant: Mr N
    Respondent: BT Pension Scheme Trustee
    Outcome: Not upheld
    Complaint Topic: Pension liberation
    Ref: CAS-49791-H5B4
    Date: