TPO Annual Report 2023/24 - delivering important work in a challenging year

The Pensions Ombudsman (TPO) has today published its Annual Report and Accounts
for 2023/24.

The report covers another year of valuable work serving consumers and the pensions
industry with dispute resolution. The Pensions Ombudsman has continued to deliver
sector-shaping Determinations, including the Western Power Distribution Fund
Determination which is informing further developments to legislation around pension
transfers. Our Pensions Dishonesty Unit continues to make a real difference to individuals
affected by scams. In addition to concluding the investigation of two schemes during the
year, significant progress was made on seven other investigations involving nine schemes,
600 members and £27 million of lost pension funds. One of the schemes concluded during
the year, the Focus Administration Determination, resulted in over £700k being directed to
be returned to the scheme.

The report also details challenges faced in 2023/24: the long-term rise in demand; the large
number of complex cases that remain in its historical caseload; market challenges in
recruiting and retaining skilled staff and how a cyber incident affected service delivery. As a
result of these difficulties, TPO was unable to repeat the success of last year in closing
more cases than it received.

The build-up of the historical caseload over many years has resulted in customers
experiencing extended wait times and reducing these remains the top priority for TPO. To
achieve this, in the latter half of the year, TPO conducted a ‘root and branch’ review of its
Operating Model and developed an ambitious plan, outlined in its Corporate Plan 2024-
2025, that will transform its service to better meet the needs of its customers.

Having launched its plan for tackling the historical caseload and reducing waiting times,
TPO has had a very successful summer with cases resolved exceeding targets despite the
intake of new applications being much higher than forecast. By the end of September, TPO
had received 4,949 new applications, a 44% increase on the same period in 2022/23 and a
27% increase compared to 2023/24 (using figures that model for the impact of cyber).

Dominic Harris, Pensions Ombudsman said:

“This Annual Report covers my first full year in post as Pensions Ombudsman, and it has
certainly been an eventful one – with numerous challenges, some of which were entirely
unexpected, but there were also many achievements to be pleased with.’

“We should be proud of the day-to-day work that we do, and the difference we have made
for so many people who have sought our help over the last year. We ‘level the playing field’
between parties with very different resources and expertise in a complicated area. The
long-term increase in demand demonstrates the value and the importance of the work we
do.”

“We continue to work with the Department for Work and Pensions to develop sustainable
models of funding to make us fit for the future, while we are also making our own changes
to achieve better outcomes. I am delighted by some of the early results from our Operating
Model Review, and we will continue to transform our services and work with our
stakeholders to ensure we can provide timely assistance for the people who need our
help.”

Our caseload

• We received 9,923 contacts by phone, LiveChat, email and post from people
  seeking help with pension issues.
• We received 6,923 new pension complaints, representing an 9% increase compared
  with 2021/22.
• The three most common topics of closed pensions complaints were: contributions,
  administration and pension transfers.

Our performance

• We resolved 7,778 new general enquiries.
• We closed 6,634 overall pension complaints.
• We closed 4,788 pension complaints during our assessment stages.
• We closed 1,268 pension complaints through our Resolution Service.
• We closed 578 pension complaints through our formal Adjudication Service.
• A total of 245 pension complaints were closed by Determination. Determinations are
  decisions made by either the Pensions Ombudsman and Deputy Pensions
  Ombudsman.
• 39% of pension complaints determined were upheld or partly upheld.