Your Tomorrow Pension Scheme (CAS-37002-T3N7)

Ombudsman’s Determination

Outcome

Mr S’ complaint is upheld and to put matters right:-

· WTW shall calculate the disinvested value of Mr S’ benefits under the Scheme as at 5 December 2018.

· HL shall calculate the notional current value of Mr S’ SIPP, on the assumption the value above was received and invested on 7 December 2018, and compare this with the current actual value of Mr S’ SIPP.

· If the comparison above shows the notional value is greater than the actual value, WTW and HL shall pay the shortfall into Mr S’ SIPP in the following proportions:

o WTW shall pay 6/19ths (32%); and

o HL shall pay 13/19ths (68%).

· WTW shall pay Mr S the £500 it has already offered in recognition of the distress and inconvenience caused to him.

· HL shall pay Mr S the £250 it has already offered in recognition of the distress and inconvenience caused to him.

Complaint summary

Mr S initiated the transfer of his benefits in the Scheme and in a workplace pension with Handelsbanken to his Self-Invested Personal Pension (SIPP) with HL. He is complaining that the transfer from the Scheme completed much later than that from Handelsbanken, and says that on investigation it became clear to him that there had been multiple errors and omissions by both WTW and HL.

He said that, as a result, the disinvestment of his funds in the Scheme took place much later than it was reasonable to expect. He has assessed his loss at £2,500 using data supplied by WTW and the time it took to complete the Handelsbanken transfer as a reasonable yardstick. He would like to be put back in the position he would have been in had the transfer of his benefits in the Scheme been completed in the same timescale as the transfer from Handelsbanken.