Nationwide Pension Fund (CAS-55902-Q2R8)
Nationwide Building Society Trustee Limited
Ombudsman’s Determination
Outcome
I do not uphold Mrs S’ complaint and no further action is required by Nationwide or the Trustee.
Complaint summary
Mrs S complained that she was not fully informed about the implications of purchasing a deferred pension following a period of reduced working hours in 2017. This purchase resulted in her pension benefits being calculated as two periods of service as opposed to one, which meant that her projected pension benefits at retirement are lower than she expected.
Mrs S estimates that her lump sum would be £17,000 less and she would also receive £2,500 less pension per annum. She would like the Trustee to adjust her retirement benefits within the Scheme to reflect one continuous period of membership so that she would not suffer a financial loss.
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