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  • FIRST POST
    • Cotta
    • By Cotta 22nd Nov 17, 10:29 AM
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    Cotta
    Ombudsman Feedback on Pension Transfer
    • #1
    • 22nd Nov 17, 10:29 AM
    Ombudsman Feedback on Pension Transfer 22nd Nov 17 at 10:29 AM
    Hi All,

    Following some rumblings with a pension transfer delay which lasted almost one year, I actually received a call from the Ombudsman's office today with information and advice.

    I was transferring my pension from a Aegon to my then new pension administrator which we can call administrator A, after about six months my employer changed pension administrator to administrator B.

    Aegon accepted some liability in terms of customer service issues and paid out some compensation for this but refused to accept any responsibility in terms of the delay and asked me to refer to the ombudsman's office which I did. Yesterday he called to advise that while I have not suffered financially, there are levels of extreme failings in terms of how Aegon, administrator A and B behaved, he is going to contact Aegon and advise them to make an offer of compensation as this would be a pragmatic solution. In terms of Administrator A the Ombudsman's office advised that they failed to apply for the transfer which was subsequently done by me and then failed to send in the correct documentation. Administrator B failed on a number of levels including poor communication, sending the incorrect documentation and leaving the entire transfer process to me rather than them. The Ombudsman's office advised that I should be seeking suitable levels of compensation from both A and B to close off this matter and the trust that oversees them have called to ask how much it will take for me to go away.

    My question is, what should I ask for?
Page 1
    • bigadaj
    • By bigadaj 22nd Nov 17, 7:29 PM
    • 10,803 Posts
    • 7,100 Thanks
    bigadaj
    • #2
    • 22nd Nov 17, 7:29 PM
    • #2
    • 22nd Nov 17, 7:29 PM
    In terms of compensation for your time and hassle then that's fairly minor, if asked I'd go for £250-500 and be surprised if I got that.

    I'd want to see the calculations they've done to determine whether there actually has been any impact in the pension value. I suppose the money has remained invested for that time but would the asset allocation and investments differ?

    What sort of values are you transferring?
    • Cotta
    • By Cotta 29th Nov 17, 11:02 AM
    • 2,514 Posts
    • 992 Thanks
    Cotta
    • #3
    • 29th Nov 17, 11:02 AM
    • #3
    • 29th Nov 17, 11:02 AM
    Ombudsman has made the following recommendation:

    Aegon pay - £200.

    Administrator B pay £300 as they were the receiving scheme and failed to chase the relevant details, were responsible for poor communication and frequently issued incorrect documentation.

    Administrator A pay £500 - judged that after four months of the request to transfer being made they had still failed to make the transfer application and it was only when I chased Aegon for an update did the process begin.

    Total value of the pot was £9050.
    • bigadaj
    • By bigadaj 29th Nov 17, 1:55 PM
    • 10,803 Posts
    • 7,100 Thanks
    bigadaj
    • #4
    • 29th Nov 17, 1:55 PM
    • #4
    • 29th Nov 17, 1:55 PM
    Ombudsman has made the following recommendation:

    Aegon pay - £200.

    Administrator B pay £300 as they were the receiving scheme and failed to chase the relevant details, were responsible for poor communication and frequently issued incorrect documentation.

    Administrator A pay £500 - judged that after four months of the request to transfer being made they had still failed to make the transfer application and it was only when I chased Aegon for an update did the process begin.

    Total value of the pot was £9050.
    Originally posted by Cotta

    Now that's the sort of thing you want to invest in.


    More than 10% compo is extreme. Has there been any assessment of investment return impact?
    • Cotta
    • By Cotta 29th Nov 17, 4:04 PM
    • 2,514 Posts
    • 992 Thanks
    Cotta
    • #5
    • 29th Nov 17, 4:04 PM
    • #5
    • 29th Nov 17, 4:04 PM
    No financial impact, Ombudsman was clear that this was for stress/inconvenience. I should state that as of yet neither administrator A or B have agreed to pay this but Aegon have.
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