HSBC Bank (UK) Pension Scheme (CAS-80853-M0X7)

Ombudsman’s Determination

Outcome

Mr H’s complaint is upheld and to put matters right Aegon and Willis Towers Watson shall: -

establish whether the delay in investing Mr H’s funds has meant that fewer units were purchased in Mr H’s account than he would have otherwise secured, had the funds been invested on 17 August 2020;

within 14 days of receiving confirmation from WTW of any shortfall in Mr H’s units, equally split the cost of purchasing any additional units required to make up the shortfall; and

pay Mr H £500 for distress and inconvenience. Aegon and WTW shall each pay Mr N £250.

Complaint summary

Mr H has complained about the time taken to invest his funds after his funds were transferred into the Scheme from a scheme administered by Aegon. The funds were transferred on 6 August 2020 but were not invested until 26 August 2020. Mr H says: -

As a result of the delay, WTW purchased units at a higher price causing him a financial loss.

He would like to be put back in the financial position he would have been had the funds been invested on 10 August 2020.