Royal London Personal Pension Plan (PO-9017)

Ombudsman’s Determination

Outcome

Mr N’s complaint against Royal London is partly upheld, but there is a part of the complaint I do not agree with. To put matters right (for the part that is upheld) Royal London should pay Mr N £500 compensation for the significant distress and inconvenience caused to him by their admitted failing in this case.

My reasons for reaching this decision are explained in more detail below.

Complaint summary

Mr N complains that in 2014, Royal London misled him about the date he had to repay the tax free cash and annuity he previously received from the Plan in order for him to then take all of his Plan benefits as a lump sum. He says that they told him to leave the matter until 2015 and to call back then. He contends that when he contacted Royal London in January 2015, they informed him that he could not now take all of his Plan benefits as a lump sum as he had not returned the Plan funds.