Standard Life Personal Pension Plan (CAS-44659-K4V7)
Ombudsman’s Determination
Outcome
I do not uphold Mr I’s complaint and no further action is required by Standard Life.
Complaint summary
Mr I complained that Standard Life failed in discharging its duty of care when he requested to transfer his benefits from the Plan to a new pension arrangement. In particular, Standard Life failed to:
- conduct adequate checks and enquiries about the new pension arrangement;
- determine why Mr I wanted to transfer his benefits; and
- discuss with Mr I the concerns that would have resulted from the enquiries.
As the assets of the new pension arrangement are unlikely to be recovered in full, or even at all, Mr I asked to be reimbursed for the loss he has incurred.
View determination
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