Prudential Pension

Catsco

Hi I have a pension with Prudential that was due to end this August, they wrote to me asking for proof of my last addresses and policy number, there was no other information with this request. I sent them the details they required assuming as it stated it was so they could ensure they where dishing out my payment to the right person.

I have just received documents from them thanking me for renewing my policy and a payout date of 2022!!!! I didn't renew anything and my original policy ends this August. What can I do if anything.

dunstonh

Your post may be better in the pension section and not the mis-sold PPI section. A pension is not PPI. Maybe a board guide/moderator will move it if they see this post.

However, what the letter sounds like is the standard one that automatically defers the selected retirement age for statements until a later date as they havent heard anything from you about commencing the pension within their agreed timescale. Quite normal and nothing to be concerned about.

Pensions do not mature until age 75. The selected retirement date is only there for statement purposes. i.e. they know what date to use on projections and when to be pro-active and send documentation out to allow commencement. If they move it to say 75, then they just wait until then to be proactive but if you want it earlier then you tell them this.

Catsco

Hadn't realised it had been posted to PPI. However the letter they sent to me said nothing about renewal only that they wanted proof that I was who I am as they wanted to ensure payment was made to the right person. So from what you say I should just write t them and state that I want my pension to end as per the original date?

dunstonh

Catsco wrote: »

Hadn't realised it had been posted to PPI. However the letter they sent to me said nothing about renewal only that they wanted proof that I was who I am as they wanted to ensure payment was made to the right person. So from what you say I should just write t them and state that I want my pension to end as per the original date?

Renewal is a not a good word to use. It isnt a technically correct word as pensions do not renew. However, sometimes providers try to dumb down their language and use words which are wrong but may be understood better (although renew doesnt sit well there).

If you dont commence your retirement benefits within a number of weeks of making the selected retirement age, then they normally defer the selected retirement age to 75 or another later age (maybe in increments of 5 years). You are not held to these dates. You can ask them to take the benefits now.

if your pension fund is worth over £18,000, then get a local IFA to do the open market option. Pru's rates are generally not that good at the moment and an IFA could probably beat them if they are not guaranteed annuity rates .