The first PO determination has been issued. This was an individual complaint by Mr Y but may be of interest to those who transferred funds into HPS.
Here is the link
https://www.pensions-ombudsman.org.uk/wp-content/uploads/PO-14236.pdf
I find this determination quite unbelievable. In Paragraph 26 the PO writes the following:
'But I find that these letters were all written on behalf of the Scheme and not by the employer. The letters may have been on company headed paper but the sender is either the Pensions Manager or a member of the Pensions team.'
The letters are on company headed notepaper but they're not from the employer! What planet is this man on?
I find this unbelievable.
"The letters may have been on company headed paper but the sender is either the Pensions Manager or a member of the Pensions team. I do not find that these letters are a promise of benefits from the employer as Mr Y attests or that these would be guaranteed by the employer."
I find this paragraph very disturbing. Does this mean the communications we received last year signed by the Pensions Manager or a member of the pensions teams are not legally binding?
I agree with Chris, what planet are these people on. Next time we receive communication from the Pensions Team, we should challenge what they are saying more carefully
I suppose we should expect nothing else from "The Management" of either the company (whatever that is anymore) or the Trustees (I wonder if that is the reason that DJP resigned......). It's a pity I can't just take out a lumpsum representing future lifetime income, at least that way my financial future would be in the hands of someone trustworthy. I used to work for an ethical and moral company. How its standards have collapsed since I left in 2004.