Incorrect benefit statements – The case study of Mr E
Mr E complained that the BAE Systems Executive Pension Fund Trustees Limited (the Trustee) supplied him with incorrect annual deferred benefit statements between 2015 and 2017. Mr E said he relied upon these statements to his financial detriment by leaving employment early, in August 2017.
The statements showed considerably overstated estimates of the total pension payable from age 62.
Mr E claimed that if he had the correct figures between 2015 and 2017, he would have retired 18-24 months later.
The Pensions Ombudsman rejected this argument because Mr E had not shown he had taken any steps to mitigate his loss. He found that Mr E had not suffered any actual financial loss.
The Ombudsman did not uphold Mr E’s complaint and no further action were required by the Trustee. The award of £1,000 offered by the Trustee was deemed equitable by the Ombudsman.
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