James Hay Modular Self Invested Personal Pension · CAS-60018-C4V2

CAS-60018-C4V2

Ombudsman’s Determination Applicant Mr E

Scheme James Hay Modular Self-Invested Personal Pension (the SIPP)

Respondents James Hay Partnership (James Hay)

Outcome

Complaint summary

Background information, including submissions from the parties

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2 CAS-60018-C4V2 Adjudicator’s Opinion

3 CAS-60018-C4V2 Mr E did not accept the Adjudicator’s Opinion and the complaint was passed to me to consider. Mr E 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 E.

Mr E’s additional comments

Mr E has said that:-

Payment of the adviser charge by James Hay to the IFA on 29 May 2020 indicated that James Hay had satisfied itself regarding ownership of the transfer value, so the transfer value must also have been available for investment at the same time. He questioned how James Hay could have paid the adviser charge if it was not certain the transfer value would be accepted.

James Hay should have done more regarding the information outstanding from WTW when it received the transfer value on 22 May 2020. Four business days to take action was neither acceptable nor normal practice.

Ombudsman’s decision

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Therefore, I do not uphold Mr E’s complaint.

5 CAS-60018-C4V2 Dominic Harris

Pensions Ombudsman

26 March 2024

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