AVCs - only one fund offered - delays in investing 2

United Kingdom

Reference: G00543

A member complained in relation to their AVCs that the trustees only offered one fund and that it took at least 10 days from the deduction of the AVCs from pay for them to be invested. The Ombudsman held that there was no obligation on trustees to offer more than one fund for AVC investment but that the delay of at least 10 days in investing the contributions amounted to maladministration.