Lloyds Bank Pension Scheme No 2 (PO-21110)

Ombudsman’s Determination

Outcome

The complaint is upheld against WTW and the Trustee, but not against James Hay, because the overall time taken by WTW, on behalf of the Trustee, to fully respond to James Hay’s letter, dated 30 November 2016, was excessive. WTW’s failure to provide the requested information in a timely manner prevented James Hay from investing the transfer payment received on 10 January 2017, in accordance with Mr G’s instructions which has caused Mr G significant actual financial loss.

Complaint summary

Mr G has complained that delays by WTW and the Trustee or James Hay in: (a) effecting a transfer of his pension rights from the Scheme and (b) investing the cash equivalent transfer value (CETV) in accordance with his instructions in the James Hay Personal Pension Plan (the SIPP), have resulted in a lost investment return of £25,522. Mr G has also said that he has suffered considerable distress and inconvenience dealing with this matter for which he would like to be suitably compensated.