Phoenix life

TrickyDicky101

martinroberts101 wrote: »

Thanks for your responses but you have let slip an intesting detail I never gave you . I will try to contact Martin directly and have screen shot our conversation. I will now discontinue contact and thank you again for your discussion.

I don't think Dunstonh was patronising. He was explaining why you were encountering what you view as shortcomings. I think the 1978 car vs 2015 car analogy was particularly apt.

You remind me of my father - he is early/mid 70s and his attitude is similar to yours. He is a professional engineer (retired) and definitely not stupid but he struggles at his time in life.

Have you considered engaging an independent financial adviser to review this policy? It could well be money well spent.

sandsy

Perhaps try asking Phoenix for:
A) a projection of your policy which has to show their best estimate of your likely benefits, and will normally show the investments you hold
a copy of the with profits fund principles and practice of financial management document applicable to your policy which should provide information on how they manage the with profits fund and allocate bonuses fairly.

Sobraon

Yes, Phoenix life... Just had a look [link] at their complaints data for NPI Products between 1/1/15 and 30/6/15. Looks like they had over 570 complaints relating to NPI Decumulation (a new phrase for me) life and pensions products. The number of complaints in this group which were upheld was nearly 61%(!). The rate of complaints per 1000 policy holders is also quite high.

woolly_wombat

martinroberts101 wrote: »

I have an NPI pension that was sold to pearl- Phoenix Life it has a garunteed final pension but annual and final bonuses have been suspended since 2001. I have written to them complaining of lack of information regarding my pension over the last 15 years and they have declined to give me any explanation of the underlying investments of my policy. They have also failed to confirm I can take my pension at 60 and have only provided the minimum information as to the value of my pension at 70. There is over 55000 pounds in tjix fund and I find it distressing that I can't be given basic information as to how my money is being invested for my future

Hi Martin, as the holder of an Equitable Life with-profits pension policy (a more accurate term would be a without-profits policy) can I just say that I can perfectly understand your frustration!!!!!!!

The only thing I can say with any certainty is that if you want to ensure that you get whatever guarantees come with your policy then you will need to hold on until the maturity date or you are quite likely to be shafted with an MVR/MVA (Market Value Reduction/Adjustment).

Having said that, Equitable Life have dropped their MVA to 0%, but I am still not budging until I reach 60 so that I get the minimum guaranteed amount (plus any additional distribution in effect at that time).

Don't let Phoenix Life's intransigence and lack of transparency get to you, and don't let them get away with not paying you the guaranteed sum to which you are entitled!

WW