Lloyds Bank Pension Scheme No.1 (PO-22732)

Ombudsman’s Determination

Outcome

Mrs T’s complaint is partly upheld and to put matters right the Trustees and WTW shall award Mrs T £1,000 in recognition of the serious distress and inconvenience which she has experienced dealing with this matter.

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

Complaint summary

Mrs T complains that she has suffered a significant financial loss because WTW and the Trustees are refusing to honour the higher (incorrect) guaranteed cash equivalent transfer value (CETV) of £414,397.39 quoted on 3 July 2017 and have paid a lower (correct) value quoted on 12 July 2017 of £373,090.59 into her new pension scheme. She is also unhappy that her subsequent complaint was not properly considered under the Scheme’s Internal Dispute Resolution Procedure (IDRP).

To put matters right, she would like WTW and the Trustees to compensate her by at least paying an additional £41,306.80, representing the difference between the two figures quoted, into her new pension arrangement.