Phoenix Life Personal Pension Plan (PO-3012)

Subject

Mr Worden complains that Phoenix Life have not transferred the proceeds of his two personal pension policies to Standard Life because both Phoenix Life and Standard Life have incorrectly refused to acknowledge the efficacy of a deed purporting to terminate the trust that had been declared in relation to one of the two policies to be transferred (i.e. policy 551671Y (the Plan)). Mr Worden complains that he has suffered financial loss and distress and inconvenience as a consequence of the respondents’ failure to recognise the termination of the trust and, therefore, facilitate the transfer of the proceeds of the policies.

The Pensions Ombudsman’s determination and short reasons

The complaint is upheld against Phoenix Life and Standard Life because the actions of both caused the failure to transfer the proceeds of the Plan from Phoenix Life to Standard Life.