Lakeview Pension Plan No. 1 (PO-1038)

Subject

Mr Jones complains that Clerical Medical, as administrator of his pension scheme, incorrectly calculated the tax free cash lump sum due to him, in consequence of which he was induced to transfer his benefits, and he suffered financial loss.

The Pensions Ombudsman’s determination and short reasons

The complaint should be upheld against Clerical Medical. It is unlikely that Mr Jones would have acted differently had the lump sum been correctly calculated, but he should be compensated for his financial loss, as well as his distress and uncertainty.