British Steel Pension Scheme (BSPS) (PO-21990)

Ombudsman’s Determination

Outcome

Mr N’s complaint is upheld and, to put matters right, the Trustee shall contact the receiving scheme and ask it to calculate the notional current fund value on the basis that the original transfer value had been paid on 7 February 2018. The Trustee shall compare this with the actual current fund value and pay the difference into the receiving scheme. It shall also make a payment of £500 to Mr N in recognition of the significant distress and inconvenience caused.

Complaint summary

Mr N requested a cash equivalent transfer value (CETV) quotation. This was issued to him within the statutory timeframe; however, he did not receive it. He attempted to contact the BSPS Administrator (the Administrator), on multiple occasions, to chase the CETV quotation, but he received no response. As a result, the deadline for accepting the CETV elapsed and Mr N was unable to transfer-out of the BSPS on those terms.

Later that year, Mr N received a new CETV and transferred-out of the BSPS. However, the CETV quoted had reduced. Mr N argues that the transfer should have been paid in accordance with the original CETV.