Rowanmoor delayed a fund switch within a pension for almost a year, costing a group of clients more than £5,000, the Pensions Ombudsman (PO) has ruled.
In February 2008, members and trustees of the Hoyle and Dean pension plan, a small self-administered scheme (SSAS) were advised to move its investment in an Aviva property fund to a Defensive Managed fund run by the same provider. The group's investment adviser, PM&M, sent a written instruction to Rowanmoor in March to arrange for Aviva to carry out the switch, but the instruction was not sent by Rowanmoor. It was not until February 2009 that PM&M realised no switch had been made. In the meantime, the property fund's value had fallen significantly and the pension plan had lost the ...
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