Grovesnor Solutions Limited Retirement Benefits Scheme (PO-24890, PO-28393, PO-28093 & PO-26158)

Ombudsman’s Determination

Outcome

Mr M’s and the Additional Applicants’ complaints are upheld and, to put matters right, the Trustee shall comply with the directions set out in paragraphs 204 and 205 of this Determination.

Complaint summary

Mr M has complained that the Trustee invested the Scheme’s funds inappropriately, which has resulted in members’ benefits and rights in the Scheme being lost.

Three ‘Additional Applicants’ have complained on what I consider to be identical issues. Those complaints have been associated with Mr M’s complaint by my office. This means that the conclusions reached in respect of Mr M’s case apply equally to the associated cases.

Throughout this Determination I have referred to Mr Kench, in his role as the trustee of the Scheme, as the “Trustee”. Where I have referred to Mr Kench in any other capacity, for example as director of Pension Assist Limited (Pension Assist), I have referred to him as “Mr D Kench”.