Southern Electric Group of the Electricity Supply Pension Scheme (CAS-57573-K9W3)

Ombudsman’s Determination

Outcome

I do not uphold Mr S’ complaint and no further action is required by the Trustee. 

Complaint summary

Mr S has complained that his Cash Equivalent Transfer Value (CETV) was materially lower than an initial illustration he had received. This was due to the Trustee changing the Scheme’s actuarial assumptions for CETVs after his illustration had been issued. The Trustee did not tell him that he had three months from the date of the illustration to transfer his benefits on the previous assumptions, so he missed the deadline. 

Mr S’ CETV was reduced by around £235,000. He wants to be reimbursed for the financial loss and the distress and anxiety this caused him.