Aegon Section 32 Buyout Policy (PO-18261)

Ombudsman’s Determination

Outcome

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

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

Complaint summary

Mr N’s complaint is brought by his financial advisor (the IFA) on his behalf. The complaint concerns Mr N being unable to transfer the Policy as there are insufficient reserved and non-reserved units to fund the required cost of providing his guaranteed minimum pension (GMP) at retirement age. The IFA says that Aegon’s Policy conditions are ambiguous on the matter of transferring non-reserved units away from the Policy, and therefore the “contra proferentem” rule should apply meaning that Aegon should allow Mr N to transfer the Policy’s non-reserved units.