UK - Third-party administrator Capita Hartshead has been found guilty of maladministration of its own money purchase scheme.
Pensions ombudsman David Laverick ordered trustees of the Capita Group Money Purchase Scheme to compensate Dr Gilchrist £500 after the TPA failed to pay the correct value on a transfer of benefits to a Standard Life personal pension plan when he left the firm.
Capita insisted that Gilchrist had been already been awarded £130 for his inconvenience and was not entitled to further compensation.
But the ombudsman disagreed and pointed out that Gilchrist had lost out on tax relief as a result of the trustees’ mistake.
Under the scheme rules, Gilchrist was entitled to a refund of contributions since he had not completed two years’ qualifying service.
But Capita mistakenly placed the money straight into his Standard Life personal pension plan.
Laverick said: “The incorrect belief, and the purported transfer on which it was based, was maladministration on the trustees’ part.”
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