Prudential Personal Plan (PO-15311)

Ombudsman’s Determination

Outcome

Mrs F’s complaint is upheld and to put matters right Prudential should:-

• Reverse the switch of her fund choices to the Cash fund, so that her contributions are returned to a split of 50% Managed and 50% With Profits; backdated to 9 October 2015, as if the switch has not occurred.
• Carry out a loss assessment exercise to determine whether Mrs F lost out on any investment growth as a result of the switch to the Cash fund. If this establishes that she suffered a financial loss, Prudential should pay an amount equal to that loss into the Plan.

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

Complaint summary

Mrs F’s complaint is that Prudential incorrectly switched her With Profits holdings into a Cash fund when she reached her Normal Retirement Date (NRD) at age 60.