Pensions Ombudsman Focus 62nd Edition
Welcome to the Pensions Ombudsman Focus for the period to September 2017. In this edition, we cover three recent complaints to the Pensions Ombudsman.
The first two cases relate to issues surrounding pension transfers. The first of these cases deals with a pension scheme being found liable for a significant unauthorised payment charge due to a lack of sufficient due diligence. The second case found a scheme not liable for a member’s loss after the scheme transferred his pension to, what was later discovered to be, a fraudulent pension scheme. Both cases are notable for comments made by the Pension Ombudsman about changing industry standards due to pensions liberation fraud and the growing need to properly warn members of transfer risks. The final case deals with a member’s claim that he had a contractual right to an uplift on a transferred-in pension.
Please do not hesitate to get in touch if you would like to discuss any of these determinations and how they might affect you or indeed any other contentious issues on which the Linklaters Pension Dispute Resolution Group may be able to assist.