The Prudential Personal Pension Scheme (PO-22236)

Ombudsman’s Determination

Complaint Summary

Ms N’s complaint concerns the delay caused by Prudential when processing her transfer request. She had asked for her benefits in the Scheme to be transferred to Computershare Trust Company of Canada, Edward Jones Locked-in Registered Retirement Savings Plan 574-599 (the receiving scheme), but she claims Prudential’s delays prevented the transfer from taking place. As a result, this has caused a loss of investment growth, as well as distress and inconvenience.

Summary of the Ombudsman’s Determination and reasons

The complaint is upheld because, due to Prudential’s acts and omissions, Ms N’s transfer did not take place when it should have done, on 13 June 2016, which Prudential has accepted.

Had there been no delay, Ms N’s benefits would not have been subjected to the suspension on the Property Fund, and the transfer could have been made while the receiving scheme was still on HM Revenue & Customs’ (HMRC) Qualifying Recognised Overseas Pension Scheme (QROPS) list. Therefore, Prudential shall provide redress to Ms N in accordance with the Directions set out in paragraphs 68 to 70 below.