Standard Life Personal Pension One Plan · CAS-74470-Y3J1

CAS-74470-Y3J1

Ombudsman’s Determination Applicant Mr E

Scheme Standard Life Personal Pension One Plan (the SL Plan)

Respondent Standard Life Assurance Limited (Standard Life)

Outcome

Complaint summary

Background information, including submissions from the parties and timeline of events The sequence of events is not in dispute, so I have only set out the salient points. I acknowledge there were other exchanges of information between all the parties.

“You have decided to transfer your occupational pension scheme into your SSAS. We have advised you seek the advice of a pension transfer specialist

1 CAS-74470-Y3J1 who is authorised and regulated by the Financial Services Authority, to ensure that your decision is the correct one based on your individual circumstances. However, you have chosen to proceed without taking advice, and therefore we can accept no liability for any loss of benefits either now or at retirement.

We are not authorised or regulated by the Financial Services Authority, and confirm that no advice has been sought or given by ourselves in relation to the transfer of these monies into your SSAS.”

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• The DMC Scheme was a newly registered scheme.

• The employer linked to the DMC Scheme, [Mr E] Creative Ltd (the Employer), was a newly registered employer.

• The transfer was being arranged by unregulated entities.

• There was no evidence that Mr E was being advised by an industry regulated firm.

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Adjudicator’s Opinion

• The DMC Scheme was registered with HMRC and, while it had been recently registered, the Employer had been incorporated for ten months before it had received the transfer paperwork from Mr E.

4 CAS-74470-Y3J1 • It had not dealt with any other transfers involving schemes with a similar name or address to that of the DMC Scheme.

• The fact that the Employer was newly registered.

• The fact that the transfer was being arranged by unregulated entities.

• There being no evidence that Mr E was being advised by an industry regulated firm.

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Binghams provided some further comments in response to the Opinion. In summary it said:-

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I have considered the additional points raised by Binghams; however, they do not change the outcome. I agree with the Adjudicator’s Opinion.

Ombudsman’s decision

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Anthony Arter CBE

Deputy Pensions Ombudsman 14 February 2023

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