Aviva Pension Plan (PO-24015)

Ombudsman’s Determination

Outcome

The complaint shall be partly upheld against Aviva. There was a consistent lack of clear explanation by Aviva and its predecessors about how the EFI value would be calculated at retirement. Also, the effect that the purchase of Capital, rather than accumulation units would have on the final value of the EFI.

Aviva shall award Mr S £1,000 for the serious distress and inconvenience he has suffered.

Complaint summary

Mr S has complained that the information provided to him in relation to the Extra Fund Injection (EFI) element of the Plan led him to expect a higher EFI value on retirement. Mr S has complained that he has suffered a financial loss as a result. The measure of which is the difference between the EFI value calculated by Aviva and the projected value set out in the ‘what is EFI worth’ table (set out at Appendix 1).