FP1 Retirement Plan (Mr T)

Ombudsman’s Determination

Outcome

Mr T’s complaint is upheld, and to put matters right the Trustee shall comply promptly with any CETV request that Mr T makes, and offer him a transfer in cash or in specie or a mixture of both, whichever the Trustee considers most appropriate bearing in mind the Plan’s current assets and the amount of the CETV net of any early exit penalty that is applicable to him at that time, as set out in the agreement that Mr T signed in 2012. If Mr T’s new pension provider notifies the Trustee that it is willing to accept the transfer in the form offered by the Trustee, the Trustee shall make payment to the new pension provider within 28 working days, and inform Mr T within 7 working days of making payment. FP shall pay Mr T £2,000 for the significant distress and inconvenience that its conduct in this matter has caused him.

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

Complaint summary

Mr T’s complaint is that he has been trying to transfer his pension fund out of the Plan since 2015, and it was only in 2017 that FP informed him that his pension fund was locked in for ten years, and until that period has expired he cannot transfer out of the Plan.