Ford Salaried Contributory Pension Fund (CAS-54207-S7D2)

Ombudsman’s Determination

Outcome

Mr W’s complaint against Mercer is partly upheld and to put matters right, Mercer shall pay Mr W £500 in recognition of the significant distress and inconvenience it has caused. 

Complaint summary

Mr W complained about a number of issues relating to his Additional Voluntary Contribution (AVC) policy. His main complaint was that there was a delay in the disinvestment of his policy, and the final value he received was lower than he had expected and had previously been quoted. Mr W considered his financial loss was at least £7,598.20, which is the difference between the amount quoted to him on 26 February 2019, and the amount disinvested on 8 April 2019.  

Mr W also complained about how he was treated by the Trustee and Mercer, the Pension Fund’s administrator, during the disinvestment process. He has said that Mercer was slow in providing information and dealing with his disinvestment, the Trustee did not engage with members about the complexity of the Pension Fund, and he felt let down by the Trustee’s responses to his complaint. 

Mr W also noted that Prudential, the Pension Fund’s AVC provider, would not discuss specific policy details with him when he telephoned.