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The Jim Lea Music Limited No 2 Retirement & Death Benefits Scheme (PO-17973)

Complainant: Mr A
Complaint Topic: Administration
Ref: PO-17973
Outcome: Not upheld
Respondent: Aegon (formerly Scottish Equitable plc)
Type: Pension complaint or dispute
Date:
Appeal: No

Ombudsman's Determination

Outcome

I do not uphold this complaint and no further action is required by Aegon.

Complaint summary

Mr A has complained that Aegon switched the funds in the Scheme from With-Profit funds to a Cash fund on his 65th birthday without his authority or consent to do so. Aegon then failed to notify him that it had done so. As a result, Mr A lost the difference between the negative yield of the Cash fund and positive investment return he would have obtained had the money remained in the With-Profits funds or been transferred into equivalent funds. 

View determination

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