​​Aegon Flexible Pension Plan (CAS-47892-V3N2)

Ombudsman’s Determination

Outcome

The complaint should not be upheld against Aegon because it did not have a legal duty to undertake due diligence on the advice Mrs E received or her investment plans in the receiving scheme or to issue the Scorpion leaflet or other warnings to Mrs E and, being under a statutory duty to make the transfer payment to the SSAS, compliance with that duty could not be a breach of duty. I also find that the transfer would have gone ahead regardless of any additional steps Aegon might have taken. 

Complaint summary

Mrs E has complained that Aegon, the provider of the Plan, failed to carry out sufficient due diligence checks when transferring her benefits to a Small Self-Administered Scheme (the SSAS) in July 2015.