Mizuho Bank London Final Salary Scheme · CAS-46519-B6Z4

CAS-46519-B6Z4

Ombudsman’s Determination Applicant Mr T

Scheme The Mizuho Bank London Final Salary Scheme (the Scheme)

Respondent The Trustees of the Mizuho Bank London Final Salary Scheme (the Trustee)

Complaint Summary 1. Mr T has complained that he is entitled to deferred benefits from the Scheme that the Trustee has failed to recognise.

Summary of the Ombudsman’s Determination and reasons 2. The complaint should be partly upheld against the Trustee because:

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1 For employees in a contracted-out workplace pension scheme. 3 CAS-46519-B6Z4

Mr T’s position

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The Trustee’s position

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2 In short, a ‘qualifying member’ for deferred benefits in the Scheme at the time Mr T left his employment would need to have accrued two years’ ‘qualifying service’ – which includes “Service … which is pensionable”, and so Pensionable Service in this case is relevant in helping determine whether Mr T has a deferred benefit in the Scheme. 3 Service, in this case, means “service with the Employers or, prior to the Merger Date, service with any employer under the Former Scheme…” 8 CAS-46519-B6Z4

50. I partly uphold Mr T’s complaint.

Directions

51. Within 28 days the Trustee shall pay Mr T £500 in recognition of the significant distress and inconvenience caused to him.

Dominic Harris

Pensions Ombudsman 27 December 2023

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