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Phoenix Life Personal Pension Plan (PO-13394)

Complainant: Mr N
Complaint Topic: Administration
Ref: PO-13394
Outcome: Not upheld
Respondent: Phoenix Life Limited
Type: Pension complaint or dispute
Date:

Ombudsman’s Determination

Outcome

I do not uphold Mr N’s complaint and no further action is required by Phoenix Life.

My reasons for reaching this decision are explained in more detail below.

Complaint summary

Mr N says Phoenix Life ought to have made it clear in 2011 that it would not be paying any terminal bonus at that time or in the future. Mr N says Phoenix Life must have been aware at the time that a terminal bonus would not be paid but deliberately gave misleading information.

Mr N says his fund value was misquoted in 2011 – at a critical time. Mr N asserts that the misstatement, and Phoenix Life’s failure to confirm whether (or not) a terminal bonus would be applied to his Policy, seriously impacted decisions he made about his pension and caused him significant financial loss because he lost out on annuity income by delaying his retirement until 2016 in the reasonable expectation that he would receive a final bonus.

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