Pension Protection Fund · CAS-53215-W0T5

CAS-53215-W0T5

Ombudsman’s Determination Applicant: Mr Y

Scheme: Pension Protection Fund (PPF)

Respondent: The Board of the Pension Protection Fund (the Board)

Outcome

Complaint summary

Background information, including submissions from the parties Background

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1 PO-23320

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Mr Y’s position

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The Board’s position

Adjudicator’s Opinion

2 Generally speaking, in a defined benefit scheme, members are promised a certain level of pension and the

scheme is funded to meet this promise; whereas, in a defined contribution scheme, the pension will depend upon how much the member has by way of funds and the market cost of buying a pension at retirement. 4 CAS-53215-W0T5

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Mr Y did not accept the Adjudicator’s Opinion and the complaint was passed to me to consider. Mr Y provided further comments which are summarised below. I note the points raised by Mr Y, but I do not find that they change the outcome. I agree with the Adjudicator’s Opinion.

Mr Y’s further comments

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3 Also known as a final salary scheme. 4 Bank of England inflation calculator based on an average annual inflation of 2.8% between 1991 and 2019. 5 Also known as a money purchase arrangement.

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I do not uphold Mr Y’s complaint.

Anthony Arter Pensions Ombudsman

18 November 2021

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