Administrators were forced to compensate a "missing member" of a wound-up pension scheme after losing all record of his contributions.
Deputy pensions ombudsman Charlie Gordon said the innocent member should be put in the position he would have been in had he been part of the bulk transfer on the winding-up of the scheme. Law firm Sackers...
More needs to be done to speed up DB to DC transfers but, as Jonathan Stapleton says, more also needs to be done to protect members.
The Pensions Ombudsman (TPO) took on 2,566 early resolution cases in 2018/19 after onboarding a team from The Pensions Advisory Service (TPAS), according to its annual report and accounts.
The lifeboat fund is in a good position despite reserves taking a £0.6bn hit. But the ramifications of the EU judgment on member compensation is an area of concern for CEO Oliver Morley, writes Stephanie Baxter