Mr W was advised by The Investment Company, who were an authorised representative of Sesame Limited, to transfer his Ministry of Defence final salary pension into a ReAssure personal pension. The transfer took place in 1993. Mr W transferred £4,302.58 from his scheme. He did this following a meeting with The Investment Company at his home, where he was advised that his Ministry of Defence pension was frozen and would, therefore, never increase in value.
Mr W’s previous final salary scheme included certain benefits; Mr W stated that The Investment Company did not explain the benefits that were attached to his previous scheme.
Mr W stated that had The Investment Company clearly explained the transfer and the impact it would have on his retirement, he would not have transferred away. A complaint was sent to Sesame Limited, as the principal firm of The Investment Company, to investigate the advice given in 1993. They investigated Mr W’s complaint and concluded that the advice Mr W received was not in his best interests, therefore upholding his complaint.
Sesame Limited completed their investigations and made an offer of £42,832.69 which Mr W accepted.