Phoenix Wealth Pension payment

DJA000

I have a substantial sum in a Phoenix wealth pension scheme(previously Axa Wealth) which provides drip feed monthly payments and represents a major part of my monthly income. The April payment was not made and after many phone calls they have admitted that they have a major system failure and have not been able tp pay pensions to approximately 44,000 former Axa pension holders. They are after 11 days unable to tell me when they can make the payment and have stated they are aiming to update policyholders in another 10-14 days. They have also suspended access to online accounts and are not even able to provide any details of current valuations or even if the funds still exist.

xylophone

https://www.pensionsadvisoryservice.org.uk/pension-problems/making-a-complaint/common-concerns

Brynsam

Interesting that googling doesn't produce any similar complaints or reports of concerns - with a frustrating delay like that you'd think the financial press or Daily Mail would have picked up on it by now.

Unless someone here can provide a better informed and more encouraging comment, I guess you have to bide your time and trust they stick to their timeframe. You will, of course, be entitled to claim for any financial losses (e.g. bank charges) incurred by their failure to pay your pension when it was due.

economic

Sorry can't help but i thought you would like to know my experience with Phoenix. I am going through a pension to SIPP transfer from Phoenix to a broker and its been completely frustrating dealing with Phoenix. They are the only ones out of all the pensions i am transferring that has asked for details about the broker to make sure they are legit. It is way overboard and even my broker found it very unusual. Its taken so long and on the phone they are just like robots who don't really answer any questions and just say "call back in 14 days".

Glad to be getting rid of them, when it finally happens!

My advice to OP is to transfer the pension to someone else if you can, there are loads of bad reviews online about them. So its not just you or me. Best to prepare now as they seem to be completely incompetent and you don't want to have these issues when you really need the cash.

WynP

Exactly the same experience. They don't want to know. FCA need to investigate.