Lloyds Bank Pension Scheme No. 2 (PO-20847)

Ombudsman’s Determination

Outcome

Mr N’s complaint against WTW and the Trustee is partly upheld, but there is a part of the complaint I do not agree with. To put matters right for the part that is upheld, WTW shall credit Mr N’s self-invested personal pension plan (SIPP) with the net loss he incurred, because of the delay in WTW paying him his retirement benefits.

In addition, the Trustee shall pay M N £2,000, for the severe distress and inconvenience this situation has caused him.

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

Complaint summary

Mr N’s complaint concerns actions taken by Equiniti, WTW and the Trustee. He is unhappy that they failed to follow his instructions in a timely manner, on several occasions; and provided him with incorrect information. Mr N is also unhappy that there was a delay in paying him his retirement benefits.

Mr N believes he has incurred a financial loss and he also says that this situation has caused him “stress and distress”.