- Scheme administrator responsible for lost investment opportunity caused by pension transfer delay (Mr T CAS-38354-V5L8)
- Original news
- What were the facts?
- What was the Pensions Ombudsman’s decision?
- What is the impact of this determination?
Pensions analysis: In the determination of Mr T (CAS-38354-V5L8), which was a case remitted back from the High Court and redetermined by the Pensions Ombudsman, the Ombudsman upheld a complaint that a member should be compensated for lost investment opportunity following a delay to a transfer. The member had argued that, but for the delay, he would have been able to take advantage of significant market spikes following the Brexit referendum result. In the redetermination the Pensions Ombudsman found, on the balance of probabilities, that the member would have invested the transfer value proceeds in the Financial Times Stock Exchange (FTSE) 100 index rather than individual stocks, and awarded him compensation for this investment loss. Martin Scott of gunnercooke LLP looks at the decision.
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