The number of complaints received by The Pensions Ombudsman (TPO) dropped from 7,280 in 2022/23 to 6,923 in 2023/24, its Annual Report and Accounts has found.

However, the report pointed out that the number of complaints was 9 per cent higher than in 2021/22, suggesting that the trend of growing complaints with an increased level of complexity expected to continue.

The closure number of cases reduced from 7,784 in 2022/23 to 6,634 in 2023/24, credited to the impact of the cyber incident, market challenges, and retaining skilled staff.

Indeed, TPO stated that the cyber incident in June was the “most significant” issue to confront TPO over the past year and was an “exceptionally challenging period” for them.

However, it said it took “immediate steps” to respond, working with relevant agencies such as the National Cyber Security Centre and cyber security specialists in the Department for Work and Pensions (DWP), to secure the systems affected and put in place appropriate solutions.

In addition to this, 22 per cent of determinations by TPO were upheld, while 17 per cent were partially upheld.

TPO also highlighted its work to review its operating model to identify efficiencies, which aimed to ensure that it can allocate resources effectively to help individuals resolve their pension complaints within reasonable waiting times.

It also confirmed that the funding estimate for 2024/25 for TPO has been approved by the DWP as part of their three-year spending review settlement, with an increase of £1.85m on its baseline allocation.

For the Pensions Dishonesty Unit (PDU), over 2023/24, the investigation of two schemes was concluded with determinations issued, while seven other investigations had “significant progress” made on them in 2023/24.

Looking ahead, TPO said that these investigations would form the priority work for the PDU for 2024/25, with one already determined in April 2024.

Commenting on the report, pensions ombudsman, Dominic Harris, said: “This annual report covers my first full year in post as pensions ombudsman, and it has certainly been an eventful one – with numerous challenges, some of which were entirely unexpected, but also a number of achievements with which the organisation can be pleased.”

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