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In these uncertain times, people are really worried about their long-term financial security.Based on the complaints coming to his Office, it is clear that people did not fully appreciate the inherent risks when they were initially taking out pensions.
Defined contribution schemes haven’t had it easy either".
Eventually, her pension was moved into cash, but by this time it had lost value, and she believed that the pension company was at fault for not switching funds when she had asked them to do so.
When the case was brought before the Pensions Ombudsman, he agreed with Susan that under the rules of the scheme she was fully entitled to instruct the pension company where to place her funds.
Following on from an investigation by the Office of the Pensions Ombudsman into the alleged maladministration of the Construction Workers Pension Scheme, it was determined that South East Scaffolding and Associated Services Limited and in turn its director, Mr.
Vincent Woodlock, was guilty of maladministration in that the company and its director failed to provide adequate cover as envisaged by the Registered Employment Agreement covering construction workers for pension, sick pay and life assurance.
Carter, however, he was met with continued refusal to supply payroll documentation.