Important PO determination on pension transfers

The PO has issued a determination of a complaint that the trustee of the British Steel Pension Scheme failed to carry out sufficient due diligence on the transfer of the assets referable to the complainant’s scheme benefits to a SSAS. In dismissing the complaint, the PO undertook a thorough review of the statutory, regulatory and common law duties that the trustees of a transferring scheme were required to follow when asked to make a transfer by one of its members. This is a significant determination in view of the number of pension transfer cases heard by the PO.

A note on this determination will be published on the website shortly. In the meantime, the determination can be found here.