Overcautious Approach Means Compensation for Pension Scheme Member
27th March, 2019With significant losses being reported in 'pension transfer scams', it is no surprise that when the administrators of a pension scheme receive a request to transfer a pension to a new scheme, they are expected to conduct an appropriate due diligence process. However, the trustees are also under a duty not to procrastinate over the transfer. The combination of obligations recently led to a decision by the Pensions Ombudsman in favour of a man whose transfer of his self-invested personal pension was delayed several months when the scheme administrators engaged...