Aviva - Endowment Delay Excuses

dunstonh

Thank you for your comments. It is nice that people that sell Aviva products still have confidence in the company.

Only tend to use Aviva for pensions nowadays. I wouldnt say I have confidence in them. They are very prone to making errors. Hoewever, their withdrawals process does meet standard requirements and the current version they use came in after the last change in money laundering reg requirements which brought maturities into play and not just new money.

You may be stretching this point to far. When Mr Smith (say) opens a bank account and then takes out an Endowment policy with Aviva (via finanical advisor at the same bank, Barclays Bank in this case) and then pays monthly premiums for 25 years from the same bank account then... I would argue that Aviva can have some confidence that the right place to transfer funds to on maturity is that same bank account. If Aviva receive a request in writing from this same person (with a copy of current passport, driving license and bank account card) a reasonable person would consider this sufficient.

What happens if the policy was assigned or in trust. Or premiums were paid by a third party or ex spouse. All common scenarios. If it makes any difference, I too raised the issue about the direct debit account being a known bank account in the past but their explanation was common sense and spot on. They cannot assume that the bank details they have belong to the person that is entitled to the proceeds.

In terms of ensuring that a customer really is the "legal beneficiary" of the policy... I am confused by your use of jargon. I am a customer who has signed up for an Endowment Policy. I have payed the premiums each month using the same bank account and now expect the company to provide me with a maturity payment.

An endowment can be paid by a donor to a different beneficary, It can be placed in trust. The life assured may not be the policy owner. A parent could pay the money. Divorce cases could see one party liable to pay for the benefit of another. In your case you are both the payer and the beneficiary but that cannot be assumed.

I do not expect to be sent a meaningless "form" and then to have months of my time wasted completing a series of pointless "security" hurdles via physical mail.

I have done several of these withdrawal forms in the last 6 months. All received their money in about a week. When you give them what they need, they deal with it quickly. If you argue the case then they dig their heels in and you get nowhere. The form itself is not at all user friendly.

Dick_here

A10764547J wrote: »

I understand that I can expect an additional payment of 38 pounds. This would not be enough to properly compensate me for even one of the phone calls I had to make to chase up payment.

Never mind Aviva, you want to change phone provider. Or do you live in Australia and (therefore) speak very slowly ?

boalensman

Well, if not happy, I am pleased to see that I am not alone in having my endowment payout delayed. The story is exactly like that described: wife's signature not recognised, passport and marriage certificate originals sent, witness certificate not acceptable etc etc etc.

I am still without payment and as a result have had to spend out on at least two additional mortgage payments while waiting to pay my loan off.

I have rung them and am always met with a "the team will call you back response" and it never happens. All written comms from Aviva appear to be by second class post. Given the similar experiences, I think this should be investigated.

They were on my list for a possible annuity provider for my not insignificant pension pot. I hope the money they've made delaying my endowment payment will prove more lucrative than getting their hands on my pension investments. I would not touch this shower with a bargepole.

dunstonh

I have rung them and am always met with a "the team will call you back response" and it never happens. All written comms from Aviva appear to be by second class post. Given the similar experiences, I think this should be investigated.

Strange really as my experience is that they have really improved on this front. The last half dozen withdrawals, surrenders, maturities etc have all gone through fine in days with an email confirmation sent out that the money is being sent out (which normally arrives a few days after that). Although I accept that I know what they need and that helps.

They were on my list for a possible annuity provider for my not insignificant pension pot. I hope the money they've made delaying my endowment payment will prove more lucrative than getting their hands on my pension investments. I would not touch this shower with a bargepole.

Mention it to your IFA that you are looking to deal with the open market option. Indeed, may get the IFA to look into your maturity as they can probably sort the issue, if there is one).

[Deleted User]

boalensman wrote: »

Well, if not happy, I am pleased to see that I am not alone in having my endowment payout delayed. The story is exactly like that described: wife's signature not recognised, passport and marriage certificate originals sent, witness certificate not acceptable etc etc etc.

I am still without payment and as a result have had to spend out on at least two additional mortgage payments while waiting to pay my loan off.

I have rung them and am always met with a "the team will call you back response" and it never happens. All written comms from Aviva appear to be by second class post. Given the similar experiences, I think this should be investigated.

They were on my list for a possible annuity provider for my not insignificant pension pot. I hope the money they've made delaying my endowment payment will prove more lucrative than getting their hands on my pension investments. I would not touch this shower with a bargepole.

Hi boalensman,

Sorry to hear about the delays with your Endowment payout. I'd like to look into this for you. Please email the following details to me at [EMAIL="social@aviva.co.uk"]social@aviva.co.uk[/EMAIL]:

• Your full name
• Date of birth
• Postcode
• Policy reference number
• MSE username

As soon as I have the information I'll chase this for you.

Kind regards,

Martin Banwell
Aviva UK Social Media Support