London Victoria (LV) Self Invested Personal Pension (PO-13354)

Ombudsman’s Determination

Outcome

I do not uphold Mr Y’s complaint and no further action is required by LVRS.

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

Complaint summary

The complaint concerns a request to transfer Canada Life funds held within an LV SIPP. Although the funds should never have been transferred as the exit penalties made the transfer unsuitable, Mr Y wants compensation for the delay in making the transfer. My Y has said that if the transfer was made sooner the error would have been discovered and the correct funds applied more quickly.