Transfer value – The case study of Mr G

Mr G’s complaint was about missing pension benefits following a transfer value in 1995. Zurich said they paid a transfer value to Aegon in 1995. Aegon said they had no record of receiving or investing the transfer value and therefore they were not holding any benefits relating to Mr G.

Following investigation, the Adjudicator concluded that there was evidence that a transfer had taken place from Zurich to Aegon 22 years previously, but there was no record of a policy having been set up by Aegon and the transfer value being invested. The transfer value in 1995 amounted to £79,000.

The Adjudicator explained the position to Aegon and asked it to consider a resolution, because on balance, the evidence suggested that the transferred funds had been banked by Aegon. After consideration, Aegon accepted liability. It agreed to set up a pension plan and pay a sum of £169,000 into a plan for Mr G.