The Pensions Ombudsman has rejected a complaint made against Royal London after a customer lost a pension worth £112,542 he transferred away from the firm.
Mr. T said the provider was to blame for letting him transfer his pension to the Capita Oak Scheme in 2012.
He is now unable to locate his fund and Capita Oak went into liquidation in June 2015.
The Ombudsman has ruled on several cases concerning Capita Oak, including a case where a member of the NHS scheme wanted to move £370,000 but was being prevented.
Earlier this year the High Court overturned an Ombudsman decision that sided with Royal London which had attempted to block a suspicious transfer.
The controversial decision has been widely interpreted to weaken the position of providers to stop transfers they suspect of being scams.
Ombudsman Anthony Arter says: “Even if I had held there was a duty in November 2012 for Royal London to give Mr T a specific warning, it is with the benefit of hindsight that he can say he would not have proceeded with the transfer.
“I assume there were benefits to him which may have meant that he would have proceeded anyway.”