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Family Suntrust Scheme (PO-15306 and PO-15307)

Complainant: Mr N and Mr Y
Complaint Topic: Failure to provide information/act on instructions
Ref: PO-15306 and PO-15307
Outcome: Not upheld
Respondent: AXA Wealth
Type: Pension complaint or dispute
Date:

Ombudsman’s Determination

Outcome

I do not uphold the Applicants complaints and no further action is required by AXA.

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

Complaint summary

The Applicants have complained that they joined the Scheme largely due to the flexibility option (the Flex Option), which allowed for flexible allocation of funds between members of the Scheme. AXA subsequently withdrew the Flex Option from the Scheme in September 2016.

Upon the decision to withdraw the Flex Option, AXA advised the Applicants through their IFA that it was possible to complete an ad-hoc review, to make a final reallocation of funds before the Flex Option was formally withdrawn. It was later confirmed that this was incorrect.

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