Alliance Trusts Pension Plan · CAS-37375-T2X3

CAS-37375-T2X3

Ombudsman’s Determination Applicant Mr L

Scheme Alliance Trusts' Pension Plan (the Plan)

Respondents Interactive Investor (I Investor) AJ Bell Securities Limited (AJ Bell)

Outcome

Complaint summary

Background information, including submissions from the parties

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Adjudicator’s Opinion

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Mr L did not accept the Adjudicator’s Opinion and the complaint was passed to me to consider. Mr L provided his further comments which do not change the outcome. I agree with the Adjudicator’s Opinion and note the additional points raised by Mr L. Mr L said that:-

• Due to the delay in completing the transfer, he is now unable to sell the units he has in the Woodford fund that was transferred to AJ Bell as it is currently closed for trading. Mr L argues that it was always his intention to sell this fund upon completion of the transfer.

• As a result of not being able to sell the units he has in the Woodford fund, he is now paying high management and platform holding fees.

• He cannot provide any evidence that this was his intention, however, he has demonstrated that he made other fund switches after the completion of the transfer.

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I uphold Mr L’s complaint in part.

Directions

Anthony Arter

Pensions Ombudsman 16 December 2021

7 CAS-37375-T2X3 Appendix The Occupational Pension Schemes (Transfer Values) Regulations 1996 (SI 1996/1847) Regulation 10

Part 3 Statements of Entitlement and Calculations of Transfer Values

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