Aegon Section 32 buy-out Plan (CAS-32614-N3Z2)

Ombudsman’s Determination

Outcome

Mr D’s complaint against Aegon is partly upheld. To put matters right, Aegon shall make a payment of £500 to Mr D, in respect of the significant non-financial injustice he has experienced. This is inclusive of the £300 that it has already offered him.

No further action is required by the Trustee.

Complaint summary

Mr D’s complaint concerns an annual charge of 11.21% that has been applied to his investments in the Second Plan since 2005. He says that the charge does not appear on his annual statements, and he was unaware of it until May 2019. 

Mr D wants his entitlement from the Second Plan to be recalculated as if the charge had never been applied, and any difference in the value of his retirement benefits paid to him.