BT Pension Scheme (CAS-49791-H5B4)
I do not uphold Mr N’s complaint and no further action is required by the Trustee.
Mr N has complained that, following his application, the Trustee transferred his funds from the BTPS to the Trillium Rafael Ltd Pension Scheme (the Trillium Scheme) without sufficient due diligence and the duty of care it owed him.
He says that the transferred funds were used to operate his own business and deployed as working capital over the course of two or three years. This was done in the expectation that the business could reach its financial goals, which did not occur. As a result those funds are now lost.
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