Personal Pension  

Omni-shambles over pension transfer

In order to avoid a repeat scenario of events, the ombudsman advised Mr Crossland that next time he makes a transfer request, he should ensure it is to a pension arrangement with an FCA-regulated provider or to one “directly related to active employment”. The ombudsman also directed that within 14 days of Mr Crossland requesting a transfer value to a named scheme that (i) meets the prescribed requirements under legislation and (ii) is prepared to accept it, Omni was to pay the transfer value to that arrangement.

Danny Tsang is a partner of City law firm Simmons & Simmons

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