Pearl endowment maturity

Newly_retired

Just realised our Pearl endowment policy matured on 16 September ( we had got 29th in our heads)and we have heard nothing from them, not even asking for documents. Surely they should have contacted us, not vice versa?
We will be on the phone Monday morning but meanwhile any comments please?
BTW it is no longer linked to a mortgage.

dunstonh

Surely they should have contacted us

Pearl write to you about 3 months before asking for bank details to where to mature it to. They also follow that up.

Do they have your current address?

Newly_retired

Thanks for the info, but we have heard nothing from Pearl regarding maturity. The last we heard was in June with Dec 07's figures and projection value. Nothing since. No request for bank details. No we have not changed address - been here 25 years!
We informed them last year that the mortgage was paid off and got C & G to inform them that they had no further claim on the policy. I hope they have not sent our money to C & G where the mortgage was!

Newly_retired

Update. Phoned Pearl today. It is all C& G's fault. When we paid off the mortgage, they told us they had informed Pearl that the policy was no longer assigned to them, but in fact never did inform them.
Pearl contacted C & G in July - no reply, in August - no reply, then in September for details. They have only just replied. So at least the wheels are set in motion.
Why do people lie? Why do they not deal with their paperwork?
I wonder how long this will take?
( I know it is minor compared with all the rest of the horrific financial stuff going on at present).

Newly_retired

Update. Pearl have replied twice acknowledging receipt of our letter of complaint. They have had our bank details for over two weeks now. Still no payout - due 16 September.
Along with delays from Icesave and Kaupthing Edge repayments, it's a long, long waiting game this month.

Newly_retired

Still waiting. We have to wait 8 weeks before the Financial Ombudsman will do anything - 4 more to go. Hope they are quicker than Icesave and Kaupthing.
Anyone else had such bad service from the Pearl?

dunstonh

Anyone else had such bad service from the Pearl?

With 5 ex Pearl employees on my books and being reponsible for about £20 million of withdrawals from Pearl over the last 4 years, I am pretty well accustomed with Pearl's service.

It is inconsistent. One week you will get requests dealt with almost by return of post. Other times you will wait 3 weeks for it. It has been improving. A few years ago it would be months. The longest took 18 months!

Newly_retired

Had another letter from Pearl this morning. Mainly a standard "maturity" letter which includes a final amount, but with no breakdown of the figures ie the terminal bonus is not stated.
Ridiculously, they say the amount may be higher or lower on maturity date, which passed some 40 days ago!
We are a) not certain if the amount is correct, and would at least like a breakdown
b) wondering if we could claim any compensation or interest for the delay?
There is a sentence in the letter which says "Once you have accepted the matiurity payment our liability will be discharged and no further claims on the policy can be made"
If we do nothing, the money should land in our bank accounts very soon. Are we best to just let the matter rest or is it worth further enquiries - and delays? Thanks for any expert opinions.

dunstonh

wondering if we could claim any compensation or interest for the delay?

Compensation no. Interest should be automatic. Pearl have done that for a long time automatically.

If you dont get interest then take it further. If you do then you have got what the FOS would have awarded in a complaint with perhaps a £25 goodwill payment difference.

Newly_retired

Thanks for that dunstonh, but as they have not sent a breakdown of figures, how do we know if interest is included?
I'm concerned that we may forfeit any rights once we accept payment.
On the other hand, we will just be relieved to get our money!

dunstonh

You will get it with the maturity. They have to tell you as the tax is different on the interest and you have to have a interest paid certificate.

You dont forfeit any rights to complain about no interest paid or slow payment. You just forfeit right to claim under the policy conditions (death for example).