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STM International Pension Plan ( CAS-51735-Y2S2)

Complainant: Miss I
Complaint Topic: Transfers: general
Ref: CAS-51735-Y2S2
Outcome: Partly upheld
Respondent: London and Colonial Services Limited
Options UK Personal Pensions LLP
Type: Pension complaint or dispute
Appeal: No

Ombudsman’s Determination


Miss I’s complaint against LCS, and Options as the Plan’s administrator, is partly upheld, but there is a part of the complaint with which I do not agree. To put matters right for the part of the complaint with which I agree, LCS shall pay Miss I £500 in respect of the significant distress and inconvenience she has experienced as a result of its maladministration. 

Complaint summary

Miss I has complained that:-

She faced unacceptable delays when she transferred the Plan to a new pension plan (the New Plan) with Momentum. The transfer should have taken two months but took more than four months. 

During the delay, she was unable to manage the Plan effectively. The lack of control over the Plan and the investments was stressful. 

She was forced to transfer because she was unable to service the Plan. 

As a result of the delay, she lost approximately £10,000 in investment growth.

The worry that LCS had gone out of business, or had taken away her pension fund, caused her further distress. 

LCS did not provide due care as the pension provider and the scheme trustee. She paid for services she did not receive.

Options asked for an in-specie transfer instead of a Deed of Assignment which was the correct way to transfer her pension fund.

View determination


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