“His retirement options should therefore have been recalculated and requoted to him after the pension sharing order was implemented.”
The adjudicator believed Ms N’s complaint should be partly upheld because MyCSP failed to fully discharge its liability under the pension sharing order and should therefore revalue the value of her pension credit.
However, the adjudicator said Ms N’s second claim to investment loss was unsupported because she was awarded a pension in the Principal Civil Service Pension Scheme.
It suggested Ms N should be paid an additional £1,000 as MyCSP had mismanaged her complaint process.
Ombudsman Karen Johnston agreed with the adjudicator.
She said: “The core issue for me to consider is whether Ms N’s pension credit should have been calculated using the cash equivalent transfer value of Mr N’s full pension benefits before he drew those benefits, or whether MyCSP were correct to calculate it net of payments of benefit made to Mr N.
“I conclude that the pension credit should have been calculated using the cash equivalent transfer value of Mr N’s full pension benefits before he drew any of them.”
Ms Johnston ordered MyCSP to recalculate the value of Ms N’s pension credit and pension accordingly.
It must also pay £1,000 for the inconvenience caused.
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