Prudential not telling me Pension Fund Value

eranou

dunstonh wrote: »

So, this plan probably does have guarantees on it given the time period. What are they?

The Prudential plan OP is referring to is a Personal Retirement Policy, a Retirement Annuity Contract that pays a guaranteed basic annuity at the selected retirement date.

This could easily be resolved by Pru providing:

1) the current transfer value.
2) the basic annuity amount at SRD.
3) the total bonuses to date.

Total annual annuity payable from SRD is the basic annuity + bonuses to date.
They should have sent out a retirement pack ahead of the selected retirement date that would detail this.

forzarobur

guaranteed basic annuity £2855 plus annual bonuses (over 32 years) £2520.
Resulting in annual pension £5375.
Bonuses alluded to throughout 32 years of paying premiums are now non existent.

eranou

forzarobur wrote: »

guaranteed basic annuity £2855 plus annual bonuses (over 32 years) £2520.
Resulting in annual pension £5375.
Bonuses alluded to throughout 32 years of paying premiums are now non existent.

Your bonuses are not non-existent, they are £2,520 payable each year until the day you die.

If you live until age 85 that's a value of £50,400.

Linton

forzarobur wrote: »

guaranteed basic annuity £2855 plus annual bonuses (over 32 years) £2520.
Resulting in annual pension £5375.
Bonuses alluded to throughout 32 years of paying premiums are now non existent.

Thank you...
1) Is this inflation linked once in payment or not . I would guess not but could be wrong.
2) How much money have you paid in? The same amount each year or month? Or if you cant give us that, what is the pot cash value?

With this info one can judge whether you have been short-changed or not. If it's not inflation linked the annual pension would currently cost about £100K. If it is index linked perhaps over £150K.

eranou

Linton wrote: »

Thank you...
1) Is this inflation linked once in payment or not . I would guess not but could be wrong.
2) How much money have you paid in? The same amount each year or month? Or if you cant give us that, what is the pot cash value?

With this info one can judge whether you have been short-changed or not. If it's not inflation linked the annual pension would currently cost about £100K. If it is index linked perhaps over £150K.

The amounts quoted would be for a level annuity.

If OP can say how much the premium was and the current transfer value that would help a lot.

000145

I am also having problems with the Prudential not giving me information at the very point I need it! I also have a deferred annuity pension. I am looking to take it 5 years early. I have received 3 guaranteed quotes in the last 18 months. The numbers in the first two were looking good and increased by 5% in less than a year. Then at the very point I want to take my pension the third quote is now down by 20%! I queried this and was told that they have revised the basis of the calculation and that the new numbers were correct. They will not provide any detail to back up this story saying that the numbers are commercially sensitive. I have now referred it to the FO who are investigating.