Pension transfer complaints on the rise

A significant number of complaints were linked to the transfer of defined benefit (DB) money into a defined contribution (DC) schemes, but delayed transfers were also a significant problem for pension savers and their advisers. Overall, the ombudsman received 1,196 complaints against pension funds in 2008/09, up slightly from last year, with 240 complaints concerning pension transfers. The proportion of transfer complaints has almost doubled from 11% in 2007/08, though the ombudsman says 88% of cases are related to transfers from DB schemes to DC schemes. In many cases the complain...