Mr N v Abbey National International Pension Scheme Trustees (the 'Trustees') – Determination of Pensions Ombudsman – 4 June 2019

Full determination - Mr N v Abbey National International Pension Scheme Trustees (the 'Trustees')

Summary of determination

Mr N’s complaint related to alleged failures in the process adopted for switching the funds available to him as a member of the Abbey National International Pension Scheme (the 'Scheme') when the existing Zurich Life Assurance (ZAL) fund platform was withdrawn and replaced by the Trustees with a new Zurich International Limited (ZIL) fund platform (the 'Platform Switch'). Mr N had very significant pension assets which were invested in the ZAL Managed Fund under the ZAL Platform. The nearest equivalent fund under the ZIL Platform was the ZIL Managed Fund. The background to this complaint is complicated and set out in the determination.

The Pensions Ombudsman concluded, after looking at the documentation and detailed time line of events, that there had been various instances of maladministration in dealing with the fund switches and giving Mr N sufficient notice of the withdrawal and movement of his funds to the nearest equivalent fund on the replacement fund platform. Also as a result of the failures to properly give Mr N sufficient warning of and information on the Platform Switch prior to the Platform switch taking place he has sustained loss for which he was entitled to be compensated.

The Ombudsman directed that payments for distress and inconvenience and an award for the financial loss sustained should be made.