Skipton Building Society (2015) Group Pension Scheme (PO-24165)

Ombudsman’s Determination

Outcome

I agree that part, but not all, of this complaint should be upheld. To put matters right for the part that should be upheld, Skipton BS and the Skipton Trustee shall jointly pay £1,000 to Mr Y, in recognition of the serious distress and inconvenience that has been caused.

Complaint summary

Mr Y’s complaint is that the Scarborough Building Society (SBS) and the Trustees of the Scarborough Building Society Group Pension and Death Benefits Scheme (the New Scheme), incorrectly informed him that part of his pension would increase at a fixed rate of 5% per annum (5% pa), once in payment, and that he relied on this misinformation to his financial detriment.