Family Suntrust Scheme (PO-15306 and PO-15307)
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it was possible to complete an ad-hoc review, to make a final reallocation of funds before the Flex Option was formally withdrawn.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.
View determination
DownloadRelated decisions
- Railways Pension Scheme (CAS-72334-R9J9)Complainant: Mr BRespondent: The Railways Pension Trustee Company Limited
Railpen (formerly RPMI Limited)Outcome: Not upheldComplaint Topic: Failure to provide information/act on instructionsRef: CAS-72334-R9J9Date: - Honeywell Retirement Plan (CAS-73456-S1Z4)Complainant: Mr RRespondent: Willis Towers Watson (WTW)Outcome: Not upheldComplaint Topic: Failure to provide information/act on instructionsRef: CAS-73456-S1Z4Date: