Pru to compensate member after OMO process failure

The complainant, Mr Ayre, reached the end of his 23-year plan on 1 April 2011. The Pru sent him a vesting quotation in February which said the fund value would be £122,991 with a pension commencement lump sum of £30,747. Ayre obtained an annuity quote from Canada Life, based on the Pru's projected fund value, of £6,142 per year, and he chose to exercise the OMO. His financial adviser wrote to the Pru to confirm this. However, the Pru carried out the transaction on 31 March, calculating Ayre's fund value on a pre-April bonus rate, which reduced the fund value by £2,455 to £119,717. ...