The Optimum International Pension Plan Pension Scheme (PO-14657)

Ombudsman’s Determination

Outcome

Mr V’s complaint is upheld and to put matters right Optimum Capita shall:-

• Within 21 days of the date of this Determination:
• provide Mr V with a transfer value and the paperwork it requires him to complete to take the transfer. The transfer value shall be calculated on the basis that the pension relief at source (RAS) claim (£9,991.93) was paid by HMRC and held in the Scheme on 1 June 2013. Simple interest at the base rate quoted by the reference banks from then to date of transfer should be added to the RAS sum.
• Pay Mr V £1,000 for distress and inconvenience caused.
• Within 14 days of receiving back the necessary completed paperwork, pay the transfer value to Mr V’s chosen registered pension scheme.

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

Complaint summary

Mr V’s complaint is that:-

• He was not informed by Optimum Capital at the time that he joined the Scheme that it had issues with HMRC over the payment of RAS claims.
• Optimum Capital has failed to successfully process a claim for his RAS on the single pension contribution of £40,000 that he made in October 2012.
• Optimum Captial has not complied with his request for transfer paperwork.