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Scottish Mutual Section 32 Buy-Out Policy (N00145)

Complainant: Mr C Bond
Ref: N00145
Respondent: Scottish Mutual
Type: Pension complaint or dispute
Date:

In 1989, Scottish Mutual allowed Mr Bond to transfer the full value of a section 32 buyout policy to a small self administered scheme (SSAS) with Legal & General. However, Scottish Mutual failed to retain funds to support the Guaranteed Minimum Pension (GMP) obligation which it held. Scot …

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