Fast Pensions (PO-13802)

Ombudsman’s Determination

Outcome

Mr N’s complaint is upheld and to put matters right Fast Pensions should provide a full written response to Mr N’s questions regarding the status and security of the Plan, including the current value, and assist him in exercising his statutory right to a transfer if he so wishes.

Fast Pensions should also pay Mr N, £1,000, to reflect the distress and inconvenience caused to him by their maladministration, which has resulted in him taking out personal loans to pay bills and to help provide for his family.

My reasons for reaching this decision are explained in more detail below.

Complaint summary

Mr N complains that Fast Pensions have failed to respond to his, and his representative’s, enquiries about the status and security of the Plan, and provide him with the information he requires to ascertain if he can move his pension fund to a different provider, or take the whole fund as a taxable lump sum under the new pension freedoms.