The Mizuho Bank London Final Salary Scheme (CAS-46519-B6Z4)

Ombudsman’s Determination

Outcome

The complaint should be partly upheld against the Trustee because:

• The Trustee failed to maintain adequate records, including relevant copies of the Scheme’s Trust Deed and Rules, and this amounts to maladministration that has caused Mr T significant distress and inconvenience.

• Illustrations such as the Benefits Quotation and the Transfer information Sheet do not guarantee any subsequent pension entitlement.

• Rather, HMRC, in its letter of 25 July 2018, confirmed that a Contributions Equivalent Premium (CEP) had been received from the Scheme, and that this had reinstated Mr T’s full entitlement under the State Second Pension Scheme and extinguished a contracted out benefit entitlement that had previously existed in the Scheme. There is insufficient evidence to support any finding that an error was made by HMRC in accepting, or the Trustee in paying, the CEP in Mr T’s case.

As a result, on the balance of probabilities, Mr T does not have a deferred benefit in the Scheme. However, following its maladministration, the Trustee shall pay Mr T an award as set out in paragraph 51 below.

Complaint summary

Mr T has complained that he is entitled to deferred benefits from the Scheme that the Trustee has failed to recognise.