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Pensions Ombudsman
The pick of this week's articles on IFAonline...
The Pensions Ombudsman has found in favour of Friends Life after a consumer had complained it misled him about the nature of its treatment of additional voluntary contributions (AVCs).
Retirement Planner's round up of the top pensions stories of the week.
Other Pensions Ombudsman articles
Provider Aegon has paid almost £20,000 compensation to a customer after a delay in administering his pension led to him missing an investment opportunity.
Pensions Ombudsman staff would be unable to cope with the volume of complaints if auto-enrolment fails, says ombudsman Tony King.
The Pensions Ombudsman’s (PO) team of legal investigators has been understaffed by a third over the last year due to government restrictions on recruitment.
Rowanmoor delayed a fund switch within a pension for almost a year, costing a group of clients more than £5,000, the Pensions Ombudsman (PO) has ruled.
Hornbuckle Mitchell has been ordered to pay compensation to the estate of a client after its poor service caused a terminally ill man “distress and inconvenience”.
Strathclyde Pension Fund has been ordered to pay compensation to a scheme member after failing to provide a correct pension projection.
Plans to scrap or reform 192 quangos, including the Financial Reporting Council (FRC), the Pensions Ombudsman (PO) and the Pension Protection Fund Ombudsman (PPFO), has been ‘botched’ according to MPs.
Standard Life has been ordered by the Pensions Ombudsman (PO) to reconsider its decision to pay pension benefits to a deceased policyholder’s mother instead of his ex-wife.
With news that one in five complaints received by the Pensions Ombudsman are attributed to pension transfers and that this number has doubled since 2007-08, it means that yet again the issues surrounding what constitutes sensible pension advice have come to the fore. And, for many investors already caught up in company schemes with large deficits, the question of whether to stay put or look at transferring out is a very emotive one.
Problems with pension transfers are becoming more common, and accounted for one in five complaints received by the Pensions Ombudsman in the last financial year.
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