Paine Webber (UK) Pension Plan (PO-563)
Complainant: Mr Martin Sayer
Complaint Topic: Guaranteed annuity rate
Ref: PO-563
Outcome: Not upheld
Respondent: 1. Abbey Life Assurance Company Limited (Abbey Life),
2. Towers Watson Limited (formerly known as Watson Wyatt and previously the
Wyatt Company) (Towers Watson).
2. Towers Watson Limited (formerly known as Watson Wyatt and previously the
Wyatt Company) (Towers Watson).
Type: Pension complaint or dispute
Date:
Complaint summary
Mr Sayer has complained that Abbey Life and Towers Watson failed to inform him that his entitlement under a policy (numbered 250302162Y) (the Policy) attracted guaranteed annuity rates (GARs), when he transferred out of the Plan in 2002.
Summary of the Ombudsman’s Determination and reasons
The complaint should not be upheld because:
- the respondents were not advising the applicant about a transfer out of the Plan; and
- there was no mandatory obligation to disclose information regarding GARs on transfer.
View determination
DownloadRelated decisions
- Phoenix Life Personal Pension (CAS-63759-L4H8)Complainant: Mr RRespondent: Phoenix Life LimitedOutcome: Not upheldComplaint Topic: Guaranteed annuity rateRef: CAS-63759-L4H8Date:
- Scottish Widows Personal Pension Scheme (CAS-51010-Y1R5)Complainant: Mr RRespondent: Scottish WidowsOutcome: Not upheldComplaint Topic: Guaranteed annuity rateRef: CAS-51010-Y1R5Date: