British Steel - update March 2019
Since our update on 8 February 2018, we have continued conducting extensive investigations into the 229 complaints received in respect of cash equivalent transfer values (CETVs) and early retirement factors (ERFs).
We are pleased to report that we are dealing with the complaints and we hope to issue the Ombudsman’s Preliminary Decisions on the Lead complaints simultaneously, within the next few weeks. We are dealing with the complaints at the same time, because of similarity in themes and overlapping issues; and the need for consistency. We have been considering a range of matters and our investigations have been in-depth and wide ranging.
The rate of the Ombudsman’s progress towards reaching his final Determinations on those complaints will depend largely upon the extent of any submissions that we receive in respect of the Preliminary Decisions.
Related news
- TPO sets out its position on trustees’ obligations when considering a member’s request to exercise a pre-2021 statutory transfer right from an occupational pension scheme.Date:The Pensions Ombudsman (TPO) has published a Determination concerning a pension scheme member (Mr D) who transferred from the British Steel Pension Scheme (the Scheme) to a small self-administered pension scheme in 2014. Mr D complained, some years later, that although this was in accordance with his wishes at the time, the transferring trustee (the Trustee) failed to carry out sufficient due diligence to check for scam warning signs, and then communicate the presence of those warning signs to him. As a result, Mr D claimed he had lost valuable retirement benefits.
- Deborah Evans, Chair, reflects on her first month at TPODate:In her first blog, Deborah Evans, TPO’s newly appointed Chair, sets out her thoughts on joining the organisation at such a pivotal time.