Cape PLC Defined Contribution Plan (PO-25165)
Cape Defined Pension Trustees Limited
The complaint against Capita is not upheld because the reduced transfer value of Mr N’s GMP, after it was transferred to L&G, is not due to any maladministration by Capita.
Mr N’s complaint against Capita is that before the Plan wound up, it caused a delay in providing details of his retirement options and transfer value. The pre April 1997 service where benefits were a Guaranteed Minimum Pension (GMP), has since been transferred to a buy-out plan with Legal & General (L&G), which was selected by the Trustee. Mr N asserts that as a result of Capita’s delay, the transfer value of the GMP that L&G quoted to him in 2018, was less than it would have been, had it been transferred-out of the Plan before wind-up.
Mr N’s complaint against the Trustee is that it did not know, or did not tell him, that the calculation methodology used by L&G would result in a lower onward transfer value in respect of his GMP. Had it so informed him, he would have transferred-out of the Plan instead.
- Imperial Home Décor Pension Plan (PO-18814)Complainant: Mr NRespondent: Capita Employee SolutionsOutcome: Partly upheldComplaint Topic: Failure to provide information/act on instructionsRef: PO-18814Date:
- Sears Group Pension Scheme (CAS-38975-F4H6)Complainant: Mr SRespondent: Legal & General Assurance SocietyOutcome: Not upheldComplaint Topic: Failure to provide information/act on instructionsRef: CAS-38975-F4H6Date: