The Pensions Ombudsman has rejected a complaint alleging that Alexander Forbes Financial Services (AFFS) misled the complainant into switching from a final salary to a defined contribution (DC) pension scheme.
The complainant, P Walker, claimed he thought he was being given independent advice by an AFFS representative, but AFFS denied it was contracted to give advice. Walker was a member of the British Petroleum (BP) defined benefit (DB) scheme. In 1998, BP bought chemical firm Blagden Cellobond and transferred Walker to its employment. At this point Blagden employed AFFS, then known as Johnstone Douglas (JD), as consultants to run a communication service for new employees about transferring their benefits from the BP scheme to the new money purchase scheme. Walker joined the Blagden sch...
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