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Legal & General WorkSave Pension Plan (CAS-47459-T2D4)

Complainant: Mr L
Complaint Topic: Fund switches
Ref: CAS-47459-T2D4
Outcome: Not upheld
Appeal outcome: None
Respondent: Legal & General Assurance Society
Type: Pension complaint or dispute
Date:
Appeal: No

Ombudsman’s Determination

Outcome

I do not uphold Mr L’s complaint and no further action is required by Legal & General.

Complaint summary

Mr L is unhappy that Legal & General reinvested his pension benefits into an alternative fund. He has complained that:- 

  • The change was made without his consent. 

  • He did not receive the letter from Legal & General which detailed the proposed changes. 

  • Legal & General said it would select an alternative fund based on similar assets and sector, but the fund chosen bore little resemblance to his original fund. 

  • He was not informed there was no equivalent replacement fund available. 

  • The selected fund had only been in operation for two days. 

  • The new fund did not achieve the same level of investment performance compared to his original fund. 

  • The change in fund has caused him a financial loss.

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