PO determination that inadequate due diligence did not lead to member’s loss on transfer to scam pension scheme (Mr N PO-6325)

Table of contents

• Original news
• Summary
• What were the facts?
• What was the Pensions Ombudsman’s decision?
• What is the impact of this determination?

Article summary

Pensions analysis: The Pensions Ombudsman has partially upheld a complaint that a scheme administrator failed to perform adequate due diligence on a transfer to a possible pension scam vehicle. However, the member was adjudged to have suffered no financial loss as it was likely that the transfer would still have gone ahead even if all the checks had been made. Martin Scott of gunnercooke LLP looks at the decision.