Phoenix Life Personal Pension (PO-13471)
Ombudsman’s Determination
Outcome
Mr N’s complaint is upheld and to put matters right Phoenix Life shall pay Mr N compensation for any financial loss he has suffered.
My reasons for reaching this decision are explained in more detail below.
Complaint summary
Mr N’s complaint against Phoenix Life is about its failure to provide him with retirement options in advance of his selected retirement date (SRD).
Mr N asserts that following Britain’s vote to leave the European Union, the annuity rates now available to him are less competitive.
Mr N says that the value of the Policy dropped after capital units in his fund were converted to accumulation units in the same fund.
Mr N says he has lost six months annuity payments.
View determination
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