Legal & General Stakeholder Pension Scheme (CAS-41925-R8S6)
Ombudsman’s Determination
Outcome
I do not uphold Mr Y’s complaint and no further action is required by L&G.
Complaint summary
Mr Y’s benefits in the Scheme were invested in the L&G Fixed Interest Fund (the Old FI Fund) and the L&G Cash Fund (the Old Cash Fund). He complained that L&G undertook an automatic switch to new versions of these funds, which had no performance history and a different unit price. He said he suffered a financial loss because, had he been aware of these changes, he would have transferred his benefits elsewhere and achieved a better return.
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