P&O Princess Cruises Pension Scheme (PO-29333)

Ombudsman’s Determination

Outcome

Ms L's complaint is partly upheld. The Company and the Trustee shall pay an award in recognition of the non-financial injustice she has suffered.

Complaint summary

Ms L's complaint against the Trustee and the Company concerns delays during the retirement and transfer process. Specifically:-

• She received a CETV of £261,782, after being denied the opportunity to take the transfer value of £278,928 that was initially quoted to her. She also missed out on the opportunity of potential investment returns on the higher transfer value.
• The delays impacted her ability to draw down her benefits and caused her an exceptional level of distress.