The adjudicator received 9 190 new complaints about pension funds in 2022/23, 4% more than the previous year and 24% more than in 2020/21.
The adjudicator received 9 190 new complaints about pension funds in 2022/2023, 4% more than the previous year and 24% more than in 2020/2021.Complaints about pensions increased again this year and the Pension Funds Adjudicator believes it is partly due to a lack of accountability on the side of the funds or a trust deficit between members and funds.
According to the report 659 complaints were closed as abandoned, withdrawn or duplicates, while 7 809 complaints were investigated and finalised as determinations, out of jurisdiction or settlements, a decrease of 7% compared to the previous year. Anyone who does not agree with the decision of the adjudicator can apply to the Financial Services Tribunal for reconsideration. During the year 72 applications for reconsideration were submitted and the tribunal issued 69 decisions, with 37 decisions of the adjudicator upheld and 32 were remitted for reconsideration.
Turnaround times for responses to complaints improved after various engagements, but the report points out that there are still lingering concerns about the quality of responses the office receives that often require follow-ups and clarifications.
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