Friends Life: must be computer error?

Blue_Parrot

I have a tiny pension fund from a previous employer. This was with Friends Provident, since taken over by Friends Life. Every year in June/July they send me an update of the pension fund value. This time last year it was nearly £12,000. (I have all the correspondence going back to 2005.)

Today I received a large pack from Friends Life - they have my retirement date as December this year. My date of birth, scheme name, member number are all correct.

However, it says twice in their documentation that the fund's value is £0.00.

This has to be some stupid computer error, right? They don't answer the phone at weekends so I can't ask them today.

atush

Didn't they transfer business to Aviva? Could be yours was moved to the new platform?

Guess you will have to wait til monday and call?

dunstonh

1 - Have you drawn any out?
2 - Have you transferred the pension?

if no to either then it will be an error. There have been no product movements with FL to Aviva unless instructed (typically via your adviser).

mania112

Unless there's a section for 'former protected rights' and this is £0 (and it always was). There could be another section therefore which shows £12,000?

FatherAbraham

Blue_Parrot wrote: »

I have a tiny pension fund from a previous employer. This was with Friends Provident, since taken over by Friends Life.

No, Friends Life was a new name for Friends Provident. See https://en.wikipedia.org/wiki/Friends_Provident.

It was just a rebranding.

Warmest regards,
FA

FatherAbraham

Blue_Parrot wrote: »

Today I received a large pack from Friends Life - they have my retirement date as December this year. My date of birth, scheme name, member number are all correct.

However, it says twice in their documentation that the fund's value is £0.00.

This has to be some stupid computer error, right? They don't answer the phone at weekends so I can't ask them today.

I remember that there's some special rule about not providing a pension-fund projection when within one year of stated retirement date.

I appreciate that this is not what you're complaining about, but is it in any way relevant?

Warmest regards,
FA

Blue_Parrot

dunstonh wrote: »

1 - Have you drawn any out?
2 - Have you transferred the pension?

if no to either then it will be an error. There have been no product movements with FL to Aviva unless instructed (typically via your adviser).

Hi dunstonh,

no, I've not touched it, ever.

agarnett

FA wrote:

It was just a rebranding.

I wouldn't describe it in such tones.

Try these for starters as background reading:

http://www.theguardian.com/business/2009/aug/11/friends-provident-resolution-takeover

http://www.bloomberg.com/news/articles/2014-03-18/resolution-profit-rises-59-renamed-friends-as-cowdery-departs

http://www.thesundaytimes.co.uk/sto/business/article1486966.ece

And yes, obviously it is a ridiculous error by the embarrassing humans that inhabit the industry (computers generally don't make mistakes).

Blue_Parrot

I phoned them this morning and finally (after hearing Vivaldi's Four Seasons - Spring, twice) got through to a human being, who said "It was a small blip".

Is 'small blip' code for 'stupid computer error in our favour'?

That only took 18 minutes. Quite fast, really.

xylophone

"It was a small blip".

Which must have been a great comfort to you....:)

RichandJ

Blue_Parrot wrote: »

I phoned them this morning and finally (after hearing Vivaldi's Four Seasons - Spring, twice) got through to a human being, who said "It was a small blip".

Is 'small blip' code for 'stupid computer error in our favour'?

That only took 18 minutes. Quite fast, really.

Being someone who works in pension admin, although not in the type you're asking about, I'd say it was a simple error that didn't get checked properly.

Probably was summat computer came up with that either they all trust (horror ��) or the operators aren't allowed to change (even more ��).

If they all believe their systems are right then :eek:.

Always read & check to the best of your ability. Even I can make mistakes.