Scottish Life Income Drawdown Plan (PO-3419)

Subject

Mr Finney’s complaint against Scottish Life is that they provided him with incorrect policy valuations. He asks that they honour the value they had led him to believe that he had since 2008.

The Deputy Pensions Ombudsman’s determination and short reasons

The complaint should be upheld against Scottish Life because they underpaid the transfer value that was due and have also sent Mr Finney a number of erroneous statements over the years. However Mr Finney has no entitlement to a transfer value greater than that which was available under the Plan.