Aegon Self Invested Personal Pension Scheme · CAS-35871-M0Y2

CAS-35871-M0Y2

Ombudsman’s Determination Applicant Ms Y

Scheme AEGON Self Invested Personal Pension Scheme (the SIPP)

Respondents AEGON

Outcome

Complaint summary

Background information, including submissions from the parties

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“Accessing your pension savings is one of the most important financial decisions you’ll ever make…You will have no cancellation rights…Once we pay you, the transaction can’t be reversed, and you can’t pay the money back to us. As a result, it’s really important to fully understand the potential risks…”

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Adjudicator’s Opinion

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Ms Y did not accept the Adjudicator’s Opinion and the complaint was passed to me to consider. Ms Y has provided her further comments which do not change the outcome. I agree with the Adjudicator’s Opinion and note the additional points raised by Ms Y which are summarised below:-

• The disputed sum represented a lot of money for her.

• AEGON’s statement of 10 June indicated an £8,000 withdrawal but gave no indication that tax would be deducted.

• If AEGON had acted on her email which she sent a few minutes after receiving its email dated 13 June 2019 informing her the withdrawal funds had been transferred to her account, the matter could have been stopped in its tracks, regardless of whatever errors had been made before that point.

• Because of AEGON’s slow response to her email of 13 June 2019, the money was transferred to her account and at that point, could not then be reversed.

• AEGON could have handled the matter with more care.

Ombudsman’s decision

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I do not uphold Ms Y’s complaint.

Anthony Arter

Pensions Ombudsman 15 June 2021

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