Standard Life Personal Pension Plan (CAS-44659-K4V7)

Ombudsman’s Determination

Outcome

I do not uphold Mr I’s complaint and no further action is required by Standard Life. 

Complaint summary

Mr I complained that Standard Life failed in discharging its duty of care when he requested to transfer his benefits from the Plan to a new pension arrangement. In particular, Standard Life failed to:

• conduct adequate checks and enquiries about the new pension arrangement;
• determine why Mr I wanted to transfer his benefits; and
• discuss with Mr I the concerns that would have resulted from the enquiries.

As the assets of the new pension arrangement are unlikely to be recovered in full, or even at all, Mr I asked to be reimbursed for the loss he has incurred.