Scottish Widows Retirement Benefit Scheme (PO-12359)

Ombudsman’s Determination

Outcome

I do not uphold Mrs E’s complaint but one point of action is required by the Trustees.

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

Complaint summary

Mrs E claims that, as an active member of the Scheme, she was treated unfairly compared to a deferred member whose Cash Equivalent Transfer Value (CETV) would be guaranteed for a three month period. Her complaint is that during the period in which she was planning to opt out of the Scheme, her final CETV reduced by around £42,000 compared to the original CETV estimate issued two months earlier.