Pensions Matter: case law round-up
Harvey (PO 1394) Bulk Transfer delay causes financial loss to a member
The Deputy Pensions Ombudsman (DPO) partly upheld a complaint from a member that he suffered financial loss due to his pension fund being transferred outside of a 10-day transfer window, which had been agreed under a bulk transfer. The member was also unhappy that the funds were sent via cheque rather than electronically and complained accordingly.
As mentioned, the DPO partly upheld the complaint; however the DPO held that the respondent’s offer of paying the member’s loss, on the basis that his funds were transferred and invested with the incoming pension provider seven days after his transfer request, was reasonable under the circumstances.
The DPO also held that given the funds were calculated to have been invested the day after the deemed investment date (seven days from the date the claim form was issued) the member had not suffered any additional detriment than if the funds had been transferred electronically…
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