Abbey Life Personal Pension Plan (PO-9164)
Ombudsman’s Determination
Outcome
I do not uphold Mr A’s complaint and no further action is required by AL.
My reasons for reaching this decision are explained in more detail below.
Complaint summary
Mr A has complained about the high fee AL will charge him if he transfers the benefits in the Plan into his Self-Invested Personal Pension (SIPP) before his selected retirement date.
Mr A complained that it was not made clear to him at the time he set up the Plan how the transfer fee would be calculated, and because AL will not agree to lower it, his funds are stuck in a poorly performing plan where his investment opportunities are limited.
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