Prudential not telling me Pension Fund Value

forzarobur

Hi All,
I have a very worrying problem about Prudential and the pension policy I have with them. It is a Personal Retirement Plan, they say it is a "deferred annuity contract". It guarantees an annual pension plus terminal bonus and final bonus at 65. I am 65 on 29/11/2017. (2 weeks ago)
On July 26th 2017 I phoned Prudential to ask what amount the bonuses will be. They will not tell me, and as of today, I still don`t know. After constant calls to Prudential proved fruitless I referred the matter to the Financial Ombudsmen on 11/09/2017.
They have not been able to find out either and the case is continuing.
It has been nearly five months now, HELP, any advice will be greatly appreciated.
Do I just sit tight and wait, and if so ,for how long.

LHW99

Are they aware you have reached 65? Could they have got the wrong DoB for you?

dunstonh

You are asking for something that really doesnt exist. Although you could ask for the transfer value if you really feel the need to put a value on it as that is the value it would get if you moved away from them. The plan provides a benefit which was set at the outset. Or it provides a transfer value but it does not have a current value.

Your plan is not a personal pension and therefore, you should not mix it up with a personal pension and not expect it to work the same way as a personal pension.

xylophone

You have a deferred annuity contract.

The contract guarantees you an annual pension payable at age 65 which is the age you have reached.

Have you actually asked Prudential to pay the benefits agreed?

What exactly have you been told by the ombudsman?

Muscle750

Having been dealing with the Pru over the last few months ive found them nothing short of useless

forzarobur

Hi there, When I started the policy, it stated guaranteed pension, plus annual bonuses plus terminal bonus plus final bonus,resulting in what I would get as my annual pension. I know the first two figures not the bonus ones.Why would they not tell me.
out of interest, why is it not a personal pension ?

sandsy

forzarobur wrote: »

out of interest, why is it not a personal pension ?

Because a "deferred annuity contract" offers different benefits to a "personal pension".
A deferred annuity contract promises a (minimum) retirement income.
A personal pension builds up a pot of money which you can then use to purchase a retirement income which you can shape in a way you choose.

xylophone

Are you actually drawing your Pru pension?

Are you drawing your state pension?

hjd

I also have a Prudential Personal retirement Plan. Mine matures when I am 64.5 for some reason.
Each year I get a statement showing (this year as an example):
Basic Annuity as at 20/3/17
Plus previous bonuses
Plus your 2016 bonus
Guaranteed amount we will pay each year as a single life pension throughout your lifetime - which is the sum of the first 3.
Didn't you get one of these in the last year so that all you need to know is the final year's figure?

In addition you need to ask them to pay it, it won't just happen.

forzarobur

This is exactly what I have. However on my original quote/illustration and in my original sales literature (1985) it states when you retire the policy will be increased by a terminal bonus and a final bonus. Around about 150% of the final annual pension amount. This will be to me an enormous amount. This is what I can`t get Pru to tell me. Is your policy the same. Pru don`t sell these policies anymore and I can`t find anybody who knows anything about them. If Pru keep ignoring me I don`t know what to do.

forzarobur

For the last ten years, my £500 annual premium has produced a bonus of approx £9 pa added to my pension. These figures seem ridiculously low. One of the things the FOB is looking at. Do they seem right to you.