JPMC UK Retirement Plan (CAS-53517-H3N1)

Ombudsman’s Determination

Outcome

I do not uphold Dr R’s complaint and no further action is required by the Trustee or Mercer. 

Complaint summary

Dr R’s complaint concerns the Trustee’s decision not to allow him to transfer a proportion of his benefits, which is subject to a defined benefit (DB) Underpin (the Underpin Benefit), from the Plan unless he obtains advice from an independent financial adviser (IFA). He asserts that the Trustee has classified and calculated the value of this benefit incorrectly, and that he does not need to obtain advice from an IFA prior to transferring the value of this benefit from the Plan.