any point complaining to a CEO?

donmaico

jamesd wrote: »

It is highly likely to be in your interests to accept that unless your life expectancy is greatly reduced.

An enhanced annuity would pay more than a standard annuity because or the reduced life expectancy and number of years to pay out. Both current standard and enhanced annuities would be based on current life expectancy and investment returns data. A guaranteed annuity rate is based on life expectancies and investment returns anticipated, sometimes very optimistically, when the product was initially purchased. Since life expectancies have increased and investment returns for much of what an insurance company must use have declined, it is normal for a GAR to be higher than all standard annuities and most enhanced annuities, though not all. They couldn't be certain of this without getting information about your health and using that to work out what your enhanced annuity rate from them would be.

Also, enhanced annuity rates vary form provider to provider and it would not normally be the case that the firm where the money is invested gives the best enhanced or standard annuity rates today. This is irrelevant for a standard annuity when a GAR is involved because the GAR is almost certain to be higher than a standard annuity. Not so for an enhanced annuity, where full market search might turn up a rate that bets the GAR sometimes, depending on health.

Because you have some apparent reduction in life expectancy it is likely to be in your interest to obtain enhanced annuity quotes from a range of providers, with IFAs being likely to obtain the best deals. If you tell the IFA about the health condition and your age they will have some idea of whether it is even worth checking, from their own experience.

yes i finally come to realise that. I only wish they told me that in the first place or not bother to send me a health form which seem to imply I would receive a better annuity. It would have saved me a great deal of time and aggravation


I only have one health issue and that is obstructive sleep apnoea for which i use a c pack machine.Based on that I did not expect to be accepted for a quote but I was and all it has done is create a further delay .They allegedly sent me a quote twice during the last month (once this week) but i have not received them and yesterday they allegedly posted another GAR one so I patiently wait for that and hope for its arrival If the quote is the same as the last one (and I see no reason why it shouldnt be) then i will accept it.
In fact i spoke to an actuary from another insurance company and he said it was highly unlikely I would receive a better offer than the GAR one , but that was before I was accepted for an enhanced one, which was something that surprised him.I cant help but think these are all deliberate delay tactics by Prudential.To what end I dont know ,but its difficult to believe otherwise

bmm78

Like dunstonh referred to, there is a defined process firms need to follow for regulatory complaints. Don't worry about them "fobbing you off" - once you make a formal complaint it is in the "system", and they have to deal with it within certain timeframes. Regardless of the outcome, you have the option to refer it to the Financial Ombudsman Service for an impartial assessment.

Most large providers will have details of how to complain on their website, and all regulated firms are required to send a copy of their complaints process on request.

Details of how to complain to the Pru are below:

http://www.pru.co.uk/contact_us/complaint/

However you choose to make the complaint, try to clearly state what has happened, why this has caused problems, and what you want them to do to put it right. Then it's just a matter of being patient and waiting for their final response, and taking it from there.

bmm78

In terms of the specific situation, I echo earlier sentiments that you are highly unlikely to get a rate of 9.6% on the open market. The only exception would be an exceptional enhancement for severe medical conditions, in which case it's actually unlikely that an annuity would be the right option anyway.

xylophone

https://forums.moneysavingexpert.com/discussion/comment/66217197#Comment_66217197

This seems to be a long running saga.

Have you set out your complaint in writing, clearly, chronologically and without heat to the Administrator at the Pru?

donmaico

xylophone wrote: »

https://forums.moneysavingexpert.com/discussion/comment/66217197#Comment_66217197

This seems to be a long running saga.

Have you set out your complaint in writing, clearly, chronologically and without heat to the Administrator at the Pru?

this is the complaint I sent to them back in mid august and for which I got no reply.I know its on their files because they told me so last week.Whether it reached their administrator i dont know as I just followed the procedure shown on this link using the email choice
http://www.pru.co.uk/contact_us/complaint/

" T he complaint i wish to make is about the unacceptably long time it is taking to process my annuity, the fact that every time I phone I am told something different, the fact that at least 3 documents have been lost therefore making the delays worse and the fact that premiums for one particular policy which is part of this one( i.e. it is subdivided into two sections) was stopped without me knowing back in october of 2012.
I first asked for a quote back in april 2014 , its almost september and I am still no closer to get the matter resolved.On the 7th of august 2014 I was told that I had been accepted for an enhanced pension and would receive a quote in 7 days time , two weeks have gone by and I have not received it.Frankly it really is not good enough and I feel that there is a deliberate policy by prudential to cause as much delay as possible.

I should also point out that when I first filled the requisite forms in april ,I also filled the health questionnaire and sent them all in the prepaid envelope but it seems to have been lost because I was sent another in July and that after having been told I would not qualify for an enhanced pension. Subsequently I was told I did qualify but all this has done is create one delay after another thus putting intolerable pressure on my wife and I who need that annuity.
I dont understand why there has been this lengthy delay but I expect to receive the quote by the end of this week or next at the very latest and if I dont receive an acceptable explanation ,I will table a complaint with the ombudsman and/or go to the press.
Frankly none of the delays have been of my own making and I feel that when the issue is finally resolved the payments should be backdated to a month after I first sent the forms in ie may 2014

I hope you can resolve this matter satisfactorily"

donmaico

bmm78 wrote: »

In terms of the specific situation, I echo earlier sentiments that you are highly unlikely to get a rate of 9.6% on the open market. The only exception would be an exceptional enhancement for severe medical conditions, in which case it's actually unlikely that an annuity would be the right option anyway.

I have come to that conclusion myself although as I said above I dont understand why they send me the health form , which seemed to imply I could receive an enhanced annuity if they approved the health questionnaire and the details within.As far as I was aware the enhancement didn't pertain to a standard annuity, as that was not made clear,but rather to the GAR .
To my mind, and as a client , the whole business has been obfuscating, riddled with mishaps( i.e. lost documents , 4 at the last count) and unnecessarily long and i would at the very least expect the payments to be backdated .They are now claiming they had sent the enhanced quotes not once but twice in the last month but that they "must have got lost in the post" because i have not received them.Now I do know mail does get misdirect occasionally but twice within a month from the same source seems incredible.
Of course that doesnt matter in light of the fact I will probably accept the GAR quote they claim has been sent and which "I will get by tuesday" but I am now wondering if that will "get lost in the post" as well

donmaico

as I have yet again not received anything in the post I have sent an email of complaint to the ombudsman and they have told me it will take 3 weeks to process it

donmaico

Looks as though my complaint to the very highest at Prudential i.e. CEO is beginning to bear fruit .Today I received a letter from their complaints team expressing regret and that the issue is being investigated .I also received a phone call from the same team telling me I shall have my payments backdated to 1st of May with interest pretty much as I requested .All is well that ends well but why so much hassle and why did I have to make so many phone calls only to be fobbed or told something different to the previous person I spoke to? Then there were the lost documents or the post that was supposed to arrive but didn't , including the "reply" to my original complaint .The only thing that has really worked was getting on touch with the head man,which pretty much says something about Prudential .
At no time was I ever unreasonable with them I never lost my rag or was rude to any of their staff.Its called manners after all and I dont believe in being unpleasant to people who are just trying to do their jobs although one could question their competence.Bad manners tend to backfire anyway

xylophone

At no time was I ever unreasonable with them I never lost my rag or was rude to any of their staff.Its called manners after all and I dont believe in being unpleasant to people who are just trying to do their jobs although one could question their competence.Bad manners tend to backfire anyway

Well done for "keeping your cool" - not easy when banging one's head against a brick wall!:A