Asda Group Pension Scheme (CAS-110116-G1N5)

Ombudsman’s Determination

Outcome

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

Complaint summary

Mr G complained that the Trustee and administrator failed to follow guidance issued by the Pensions Regulator (TPR), before transferring his benefits from the Asda Scheme to a Qualifying Recognised Overseas Pension Scheme (QROPS). Assets were subsequently invested with an investment manager who has not responded to requests to sell Mr G’s holdings, so he believes that he has lost his pension. 

Mr G wanted to be put back into the same position he would have been in if he had not transferred his benefits to the QROPS.