Asda Group Pension Scheme (CAS-84195-T4Y5)

Ombudsman’s Determination

Outcome

I do not uphold Mr I’s complaint and no further action is required by the Trustee or the Administrator. 

Complaint summary

Mr I has complained that the Administrator failed to notify him of scam warning signs before he proceeded with transferring his benefits from the Scheme to a one-member Small Self-Administered Scheme (SSAS). Assets in the SSAS were subsequently invested in an illiquid, overseas hotel resort, and are unlikely to be recovered in full, or even at all.

Mr I wants to be put in the position he would have been in if he had not transferred his benefits to the SSAS.