- Trustees liable for member’s investment losses due to transfer delays (Mr L PO-19153)
- Original news
- What were the facts?
- What was the Deputy Pensions Ombudsman decision?
- What are the implications of the determination?
Pensions analysis: In the determination by the Deputy Pensions Ombudsman of Mr L (PO-19153), a pension scheme member complained he had been given inaccurate information about the application of transfer charges and that a transfer had been made after the expiry of a transfer deadline. The Deputy Pensions Ombdsman upheld the complaint against the trustees finding them liable to compensate the member for breach of the statutory transfer deadline, the loss investment opportunity and for distress and inconvenience. Wyn Derbyshire of gunnercooke LLP looks at the decision.
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