United Biscuits Pension Plan (PO-29566)

Ombudsman’s Determination

Outcome

I do not uphold Mr E’s complaint.

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

Complaint summary

Mr E complains that in June 2017 the Trustee and Aon provided him with a quotation incorrectly showing that the total cash equivalent transfer value (CETV) available to him from the Plan of £542,621.87 excluded his Additional Voluntary Contributions (AVCs). He says that:

he had relied upon this incorrect information to his financial detriment by purchasing a car costing around £25,000 in late November 2007; and

he would not have made the purchase if he had not been wrongly led to believe that his AVC fund would be payable in addition to the total CETV of £542,654.49 transferred into the Nucleus Trustee Co Ltd SIPP (the SIPP) on 30 October 2017; and

to put matters right, the Respondents should therefore compensate him by paying the AVC fund of £14,007.26 which had already been included in the total CETV of £542,654.49 into the SIPP.