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Cape PLC Defined Contribution Plan (PO-25165)

Complainant: Mr N
Complaint Topic: Failure to provide information/act on instructions
Ref: PO-25165
Outcome: Not upheld
Appeal outcome: None
Respondent: Capita Employee Benefits
Cape Defined Pension Trustees Limited
Type: Pension complaint or dispute
Date:
Appeal: No

Ombudsman’s Determination

Outcome

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.

Complaint summary

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.

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