Leafield Retirement Plan (PO-13826)

Ombudsman’s Determination

Outcome

Mr Y’s complaint is upheld, and to put matters right Fast Pensions should contact Mr Y to clarify his right to access his pension funds and any penalties that apply, and pay him £1,500 to reflect the distress and inconvenience caused to him by Fast Pensions’ maladministration. If Mr Y seeks to exercise a valid statutory right to a transfer value from the Plan to a named pension arrangement that is willing to accept it, Fast Pensions should pay the transfer value to that arrangement.

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

Complaint summary

Mr Y complains that Fast Pensions has failed to respond to his enquiries about whether he can access his pension funds in the Plan under the new pension freedoms, or transfer his pension funds to another pension provider.