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  • FIRST POST
    • Muscle750
    • By Muscle750 3rd Dec 17, 4:04 PM
    • 906Posts
    • 273Thanks
    Muscle750
    Pru.......Not impressed
    • #1
    • 3rd Dec 17, 4:04 PM
    Pru.......Not impressed 3rd Dec 17 at 4:04 PM
    Following my last post on how they dropped that i had to use a FA right at the last hurdle in accessing my 25% TFLS at 55. Even thou id been told previous that i didnt have to by them. I phoned them again last week and was promised a clarification by either email or txt message wether i would deffo need a FA plus if i did when would they contact me and how much was it going to cost etc. Two days later with no response i phoned them again and was promised to be called back within the hour........Nothing.
    I really dont get how a company with basically multi billion pounds of other peoples money can treat their customers so badly.
    One point i was told was that if i did have to use their IFA which there would be no charge intially.Then if i did decide to change my pot in any shape or form the cost would be then deemed payable.
    If i end up going into a drawdown situation which i know very little on how it works with the money thats left after my 25% TFLS . Am i obliged to take any money at any set period? Obviously i dont want to unless i need it or am i obligated to take a set amount each year for example, plus i gather a management fee etc will be liable any idea on how much this will be? This not the only pension i have however i do want to access it.
Page 1
    • dunstonh
    • By dunstonh 3rd Dec 17, 4:54 PM
    • 89,883 Posts
    • 56,562 Thanks
    dunstonh
    • #2
    • 3rd Dec 17, 4:54 PM
    • #2
    • 3rd Dec 17, 4:54 PM
    Following my last post on how they dropped that i had to use a FA right at the last hurdle in accessing my 25% TFLS at 55. Even thou id been told previous that i didnt have to by them. I phoned them again last week and was promised a clarification by either email or txt message wether i would deffo need a FA plus if i did when would they contact me and how much was it going to cost etc. Two days later with no response i phoned them again and was promised to be called back within the hour........Nothing.
    As mentioned on your other thread, it appears to be a misunderstanding. If you want to transfer in-house to Pru's own product, you dont need an IFA. If you want to transfer to another provider, then you either need an IFA or you DIY.

    One point i was told was that if i did have to use their IFA which there would be no charge intially.Then if i did decide to change my pot in any shape or form the cost would be then deemed payable.
    As mentioned in your other thread, they don't have IFAs. Also, whilst their in-house option doesn't carry an advice charge, it has higher annual charges than advice products. Usually ends up more expensive in the long run to use their in-house product.

    Am i obliged to take any money at any set period?
    No.

    plus i gather a management fee etc will be liable any idea on how much this will be?
    Depends on who you buy it from and the type of distribution channel you use.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • TadleyBaggie
    • By TadleyBaggie 3rd Dec 17, 5:22 PM
    • 2,473 Posts
    • 1,806 Thanks
    TadleyBaggie
    • #3
    • 3rd Dec 17, 5:22 PM
    • #3
    • 3rd Dec 17, 5:22 PM
    Am i obliged to take any money at any set period?
    I had a £60K Pru pension pot and I wanted the 25% TFLS from it but didn't want any ongoing income. I used an IFA (this was 10 years ago and wasn't pension savvy at the time) and he easily got the pension transferred to a Pru drawdown pension, extracted the 25% and set the drawdown to £0.
    • UncleZen
    • By UncleZen 4th Dec 17, 4:25 PM
    • 560 Posts
    • 199 Thanks
    UncleZen
    • #4
    • 4th Dec 17, 4:25 PM
    • #4
    • 4th Dec 17, 4:25 PM
    I had exactly the same issue with the pru.
    One adviser says I do need an IFA to transfer funds into the Pru, another says I don't.
    I made a complaint about the inconsistency and got £50 and apology.
    • dunstonh
    • By dunstonh 4th Dec 17, 4:30 PM
    • 89,883 Posts
    • 56,562 Thanks
    dunstonh
    • #5
    • 4th Dec 17, 4:30 PM
    • #5
    • 4th Dec 17, 4:30 PM
    One adviser says I do need an IFA to transfer funds into the Pru, another says I don't.
    Transferring into the Pru from outside of the Pru needs an adviser. Transferring internally (pru to pru) does not.

    I made a complaint about the inconsistency and got £50 and apology.
    Not bad for something that could easily be mistaken due to the way it is worded.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Muscle750
    • By Muscle750 4th Dec 17, 7:14 PM
    • 906 Posts
    • 273 Thanks
    Muscle750
    • #6
    • 4th Dec 17, 7:14 PM
    • #6
    • 4th Dec 17, 7:14 PM
    After speaking to The FA at the Pru tonight whose coming to see me next week it seems that till earlier this year you could indeed do most of it on the phone without an advisor however it seems they have had some reading between the lines "security issues" in doing so . Which thinking about it would be quite feasable.
    Ive gone throu the costs etc as well.
    • dunstonh
    • By dunstonh 4th Dec 17, 7:21 PM
    • 89,883 Posts
    • 56,562 Thanks
    dunstonh
    • #7
    • 4th Dec 17, 7:21 PM
    • #7
    • 4th Dec 17, 7:21 PM
    After speaking to The FA at the Pru tonight whose coming to see me next week
    Why are you seeing a tied sales rep who can only put in place a more expensive version than available via a local IFA?

    it seems that till earlier this year you could indeed do most of it on the phone without an advisor however it seems they have had some reading between the lines "security issues" in doing so .
    There are no security issues. There are compliance issues and they needed to be compliant with MiFIDII by 3rd Jan 2018. Their phone service was fine for the three lines of defence but pension conversions are a different beast.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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