Apek Design Pension Scheme (CAS-30534-X6G1)

Ombudsman’s Determination

Outcome

I do not uphold Mr E’s complaint and no further action is required by Mr Hill.

Complaint summary

Mr E says that Mr Hill arranged the valuation of a property held by the Scheme, which he failed to disclose. Mr E says that the valuation resulted in an inflated pension commencement lump sum (PCLS) being paid to Mr Hill and a third member trustee. 

Mr E argues that the valuation ought to have been disclosed to him and the failure to do so stopped him from taking his benefits at that time. The property has now declined in value and as such, Mr E has lost the opportunity to access benefits at the higher valuation.