Prudential Personal Pension Plan (CAS-49110-X6N4)

Ombudsman’s Determination

Outcome

Mr N’s complaint is upheld and to put matters right Prudential shall take the steps as set out in the ‘Directions’ section below.

Prudential shall also pay Mr N £1000 in recognition of the serious distress and inconvenience caused as a result of the maladministration identified below.

Complaint summary

Mr N held two pension policies with Prudential (the Prudential Policies), one of which benefitted from a guaranteed annuity rate (GAR). Mr N has complained that, as a condition of honouring the GAR, Prudential required him, when drawing upon the proceeds of the non-GAR policy, to use the proceeds to purchase an annuity through Prudential.