Friends Life Systems Issue

comeandgo

Hi
My husband has been slowly starting up his private pensions but Friends Life have come back with a letter stating that "we have a systems issue at present which may cause a slight delay in issuing the retirement pack". This was 3 weeks ago.
Does anyone have any info on Friends Life financial reliability? Or is this financial speak for we cant find the file. All the other pension providers we have approached have paid out promptly.

bigadaj

Have you done this through an IFA. I'm no fan of Ifa s in general, but annuities are one area where they can be a no brainer, probably paid by the company who hold your pension fund, searching the market and then haggling to get a better deal.

dunstonh

Does anyone have any info on Friends Life financial reliability?

Does it really matter? You almost certainly wouldnt use them for an annuity unless there is a guaranteed annuity rate or GMP.

Or is this financial speak for we cant find the file.

No. it means they have a system issue at present.

All the other pension providers we have approached have paid out promptly.

You mean you didnt use the open market option?

retiredandskint

We're waiting for Friends Life to release OH's fund but haven't heard from our IFA that there's a problem although I'm not sure they have been as helpful as they could have been (FL that is).

comeandgo

Yes, there is guaranteed rates thank you, he has two old plans. Will just wait and see.

comeandgo

Another point - why would I use a FA to set up pensions? I can read and find info on the internet.

jem16

comeandgo wrote: »

Another point - why would I use a FA to set up pensions? I can read and find info on the internet.

An IFA would get the best annuity rate, far better than you could get.

dunstonh

Another point - why would I use a FA to set up pensions? I can read and find info on the internet.

Because an IFA can typically get around 40% more pension income than that offered by the existing pension providers. Sometimes more. I have got one on my desk where the income is double what the existing pension providers offered.

If you had read info on the internet you would have found that out.

jamesd

Guaranteed rates are good but not necessarily best, so do check other options as well. Enhanced annuities for those with problems that affect life expectancy in particular might beat a guaranteed rate.