Scot Life pays out £2,700 plus IFA fees after pension problem

Members of the Melford Electronics Talisman Group Pension Plan (GPP) were advised by a Foster Denovo IFA, referred to in case notes as Mr Bartlett, to switch to an Aegon plan. However, Scottish Life provided incorrect information to Bartlett on the transfer penalty fees that would apply if the nine members moved their savings. When some members found they had been charged a penalty, Bartlett complained to the Pensions Advisory Service (TPAS) and Scottish Life eventually offered each member affected £150 compensation. However, Bartlett said he had already logged 37 hours work at £95...