The Pensions Ombudsman has thrown out two complaints made against providers who allowed a member to transfer to a suspected liberation scheme.
Winning says the providers failed to perform appropriate checks before transferring the funds which he now cannot find.
Both transfers were made in 2012, before The Pensions Regulator issued guidance to providers about dealing with pension liberation and scams. Because of the timing, the Ombudsman Tony King says he could not apply “present standards of practice to a past situation”.
King did not find that either provider should have carried out greater due diligence and adds that even if they did “that would not necessarily lead to the reinstatement of his benefits”.
He says that while he has “great sympathy” for Winning – who said the main reason he transferred was because he considered the Capita scheme legitimate because it was registered with HMRC – there was no administrative failure on the part of the providers.
In December, the Ombudsman ordered Capita Oak to return funds to an individual known as Mr. X but warned the money may have already “disappeared”.