Ombudsman’s Determination

Outcome

I do not uphold Mr L’s complaint and no further action is required by The Trustee.

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

Complaint summary

Mr L has complained that following changes to the Scheme, he decided to pay additional contributions to allow him to take an unreduced pension at age 60. Prior to his Normal Retirement Age (NRA), Mr L was made redundant, so decided to utilise HSBC’s redundancy policy in order to receive an enhanced early retirement pension.  Mr L complains that he did not benefit from protecting his option to take an unreduced pension at 60; so, his contributions, amounting to £10,735.27, should be refunded.