On the go: The Pensions Ombudsman has upheld a complaint against the trustee of the Commando 2012 Pension Scheme for failing to a pay a transfer payment within the statutory time frame.
The scheme administrator, Liddell Dunbar, was also criticised for its failure to provide copies of the annual reports or members’ annual benefit statements.
The Pensions Ombudsman ordered the trustee of the scheme, Mr Garner, to pay £3,000 to Mr R for the exceptional distress and inconvenience he has experienced, compensation for additional mortgage interest he incurred and to pay to Pension Bee the transfer value that would have been payable on May 31 2018 if the transfer had been carried out in a timely manner.
The administrator Liddell Dunbar was also ordered to pay £2,000 to Mr R for the severe distress and inconvenience he has suffered as a consequence of the failure to keep adequate records concerning the scheme and its members.
Liddell Dunbar received a transfer request from Pension Bee on February 21 2018. At that point, Mr R’s fund value was £137,620.35. Liddell Dunbar passed the transfer request to Mr Garner on 14 March 2018. The transfer still remains to be completed. In his determination the Ombudsman noted that Mr Garner has not produced any cogent reasons why the pensions are yet to be transferred. "I find his behaviour inexcusable,” he added.
The Ombudsman said that it had a received a number of complaints concerning the trustee’s failure to action members’ requests to withdraw their monies from the scheme and from two other pensions schemes of which Mr Garner is the sole trustee; the funds of which are also invested solely in Norton Motorcycle Holdings Ltd.
The Ombudsman said he would bring these matters to the attention of the Pensions Regulator.
