Phoenix Life Pension - Late Payment

EdInvestor

Nervousness is perhaps more understandable when Equitable Life victims are involved.:(

eagleman_100

You are so right! I have already been ripped off once ,surely not twice.........Lets hope its not "out of the frying pan into the fire"

optimist1

optimist1 wrote: »

I have been advised by Phoenix that all payments due on Dec 30/31 and Jan1 were not made because of a "technical glitch". I have been assured that the overdue monthly payment will be in my account on Friday 8th Jan (one week late). We shall see.

The overdue payment was credited to my account today.

eagleman_100

Overdue payment was also credited into my account today

I would still like to know what the real problem was and how we should be made aware immediatly if any further delays arise

.We have no information regarding the company's fianacial status .........Annual Accounts!!

optimist1

Another Phoenix "glitch"

My index-linked pension was not updated in January. It is not possible to discuss this with anyone on the phone beyond the customer service operative, who cannot advise why it wasn't updated, let alone the amount of increase which should have been added. Administration have been notified (oh, good) and I should have a reply within ten days.

Since the takeover of Britannic I have not received any notification of annual pension increase from Phoenix, albeit they have taken place each year, I think.( Must check with Phoenix admin, but only by letter, of course).

baileysbattlebus

optimist1 wrote: »

Another Phoenix "glitch"

My index-linked pension was not updated in January. It is not possible to discuss this with anyone on the phone beyond the customer service operative, who cannot advise why it wasn't updated, let alone the amount of increase which should have been added. Administration have been notified (oh, good) and I should have a reply within ten days.

Since the takeover of Britannic I have not received any notification of annual pension increase from Phoenix, albeit they have taken place each year, I think.( Must check with Phoenix admin, but only by letter, of course).

I have a pension from a final salary scheme and for us there was no index linked increase this year (our increases are January too) - because there had been no increase in what ever measure they use to assess what the increase should be. I wish I'd kept the letter - which explained it but I didn't.

Debt_Free_Chick

The "index" is usually the RPI increase to the end of September. That was a negative amount in September 2009, meaning that no increase was paid on 1 January 2010.

optimist1

optimist1 wrote: »

Another Phoenix "glitch"

My index-linked pension was not updated in January. It is not possible to discuss this with anyone on the phone beyond the customer service operative, who cannot advise why it wasn't updated, let alone the amount of increase which should have been added. Administration have been notified (oh, good) and I should have a reply within ten days.

Since the takeover of Britannic I have not received any notification of annual pension increase from Phoenix, albeit they have taken place each year, I think.( Must check with Phoenix admin, but only by letter, of course).

An update

Phoenix no longer advise inflation increases to qualifying pensions. (why not?)

I received no reply within ten days. Another phone call after twenty-one days established that an inflation linked increase in January should have been implemented. I was not given the percentage, but the back payment, and the April 1st payment now received, leads me to estimate it as 3.33%.. Whether this also represents a failure to implement the previous year's inflation (Jan2008-Dec2008) I do not know, in which case the % increase this year will be under 3.33%.

If you have a Phoenix index-linked pension, check that any increase has been implemented on its anniversary.