Personal PensionApr 15 2015

Ombudsman to publish fresh Capita Oak decision

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Ombudsman to publish fresh Capita Oak decision

In a later email sent to the Pensions Regulator in April, Ms Brooks says she “urgently” wants to meet with TPR to discuss pension regulation and “Capita Oak in particular, which is now at a critical point since HMRC have started opening enquiries into the members”.

Ms Brooks told the Pensions Regulator that Capita Oak victims, who may have made investments worth £10m, “are very worried indeed”.

“All this has been widely reported by the BBC as well as the national and financial press, and yet still the scheme remains in the hands of [those who set the scheme up] in the first place. No accounts or valuations have been done and the trustee has failed to respond to the two Pensions Ombudsman’s determinations.”

This follows last year’s decision, in which the Pensions Ombudsman upheld a complaint against Capita Oak for failing to comply with a transfer request, but the ombudsman warned the claimant may need to take legal action to attempt to recover his £376,000 fund.