The Positive Retirement Potential Plan (PO-28532)

Ombudsman’s Determination

Outcome

Having fully considered the evidence and submissions presented on the papers, and those provided at the Oral Hearing, I uphold the Applicants complaints. My reasons are as follows:

• the investments made by the Trustee in Store First and Park First were made in breach of the Trustee’s statutory and common law investment duties;
• the Trustee has breached his statutory duty under section 249A of the Pensions Act 2004, to have in place adequate controls to ensure the effective administration of the Plan;
• the Trustee breached his equitable duty of care in failing to take any steps to seek or appoint a replacement for himself when he became incapable of fulfilling his role as Trustee and in failing to alert The Pensions Regulator (TPR) to the lack of any active trustee in relation to the Plan; and
• there was maladministration on the part of PRP Limited by failing to provide members with information concerning their Plan funds and properly carrying out the Plan’s administration.

Complaint summary

 The Applicants have made the following complaints about the Plan:

• The Trustee invested the Plan’s fund inappropriately, which has resulted in the Plan’s members’ benefits and rights under the Plan being lost.
• The Trustee and PRP Limited have failed to provide the Applicants with information concerning their funds under the Plan.