Thales UK Pension Scheme (CAS-38298-S5D4)

Ombudsman’s Determination

Outcome

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

Complaint summary

Mr N’s complaint is that his early retirement pension benefits have been incorrectly calculated. Specifically:

· his deferred pension in excess of Guaranteed Minimum Pension (GMP) has been revalued using the Consumer Prices Index (CPI) rather than the Retail Prices Index (RPI);

· bonus, car allowance and medical benefit payments have wrongly been excluded from his Final Pensionable Salary (FPS); and

· the Early Retirement Factors (ERF) used were new and not previously advised to scheme members. All past illustrations he received used a 4% per annum inverse compound ERF.