BNLA (Citibank) Unit Linked Executive Pension Plan (CAS-74047-R0M5)
Ombudsman’s Determination
Outcome
The complaint is upheld because K Ltd has not presented any legal basis on which it was able to deny the transfer of Ms N’s benefits, nor has it given a reasonable explanation for the delay.
Complaint summary
Ms N has complained that K Ltd unreasonably delayed the transfer of her pension benefits, which were held in a policy under the Plan. Ms N said the delay caused her an investment loss and prevented her from drawing from her benefits at the age of 55.
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