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Asda Group Pension Scheme (CAS-78487-F8S2)

Complainant: Mr S
Complaint Topic: Pension liberation
Ref: CAS-78487-F8S2
Outcome: Not upheld
Respondent: Asda Group Pension Scheme Trustees Limited (the Trustee)
The Asda Pensions Team (the Administrator)
Type: Pension complaint or dispute
Date:
Appeal: No

Ombudsman’s Determination

Outcome

I do not uphold Mr S’ complaint and no further action is required by the Trustee or the Administrator. 

Complaint summary

Mr S has complained that the Administrator failed to notify him of scam warning signs before he proceeded with transferring his benefits from the Scheme to a one-member Small Self-Administered Scheme (SSAS). Assets in the SSAS were subsequently invested in an illiquid, overseas hotel resort, and are unlikely to be recovered in full, or even at all.

Mr S wants to be put in the same position he would have been in if he had not transferred his benefits to the SSAS.

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