BAE Systems Executive Pension Scheme (PO-20016)

Ombudsman’s Determination

Complaint Summary

Mr R is unhappy that Equiniti understated the tax due for a transfer to a qualifying recognised overseas pension scheme (QROPS). Further, he is unhappy with Equiniti’s timing in notifying him of the error, which he says left him in a position where he was unable to make an informed decision about whether to transfer all of his accrued funds directly to a QROPS or to a self-invested personal pension (SIPP) instead.

Mr R contends that had he been given correct information at the outset, he would have transferred the funds to a SIPP initially and eventually transferred the entirety of these to a QROPS in a way that would have avoided the payment of tax.

Summary of the Ombudsman’s Determination and reasons

The complaint is not upheld against the Trustee or Equiniti because I do not consider that Mr R has suffered a financial loss. Mr R has been offered an award of £3,500 so it remains open to him to accept or reject that offer.