Ombudsman clears pension providers over transfers to suspicious scheme

The complainant, Joseph Winning, argued the insurers had failed to make the necessary checks on the receiving vehicle - the Capita Oak Scheme - before allowing his pension pots to be moved. But PO Tony King ruled that the providers had followed the right procedures for granting the requests, and pointed out that Winning was convinced of the receiving scheme's legitimacy because it was registered with HM Revenue and Customs (HMRC). He found no maladministration on the part of the insurers especially as the transfers were made in 2012, before The Pensions Regulator (TPR) issued industry...