Portigon UK Pension Plan
Mr N
1. Mercer Limited (Mercer) 2. Pension Insurance Corporation (PIC)
Wed 8 May 2019
Partly upheld

Ombudsman’s Determination


Mr N’s complaint against Mercer is partly upheld, but there is a part of the complaint I do not agree with. To put matters right (for the part that is upheld), Mercer should pay Mr N £1,000 for the distress and inconvenience he has suffered.

I do not uphold Mr N complaint against PIC and no further action is required by it.

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

Complaint summary

Mr N has complained that Mercer delayed his transfer out of the Plan to Fidelity, and that PIC re-calculated his transfer value prior to payment due to the completion of the buy in by PIC which reduced his transfer value by over £20,000. Mr N says he was not informed that completion of the buy in would nullify his guaranteed transfer quotation, and that his paperwork was returned within the guarantee date.

Mr N would like the guaranteed transfer value to be honoured with the difference between it and what was actually transferred, plus investment growth, paid to his receiving scheme. He would also like an award for the significant distress and inconvenience he has suffered.

View determination