The Royal London Personal Pension Scheme (No 2) (CAS-30095-H3Z1)

Ombudsman’s Determination

Outcome

Royal London failed to undertake sufficient checks into the authenticity of the application to encash Mr Y’s pension pot on the grounds of serious ill-health. The complaint is partly upheld to the extent that Mr Y has sustained serious non-financial injustice as a direct consequence of Royal London’s failure to exercise reasonable care in connection with the application. 

Complaint summary

Mr Y’s complaint concerns the encashment of his pension pot, following a fraudulent claim by his then wife. Specifically, he is seeking redress for:- 

1. Loss of potential investment returns. 

2. Any additional tax liability he may incur due to his inability to transfer his funds within the time limit set by the relevant tax authorities in New Zealand. 

3. Legal fees he has incurred in connection with this matter.  

4. The non-financial injustice he has sustained.