Prudential Pension Delayed 8 Months

lewis1801

I am hoping for some advice as it is impossible to complain, argue or negotiate with Prudential. They just do not answer. This has been the case over the last 8 months since I applied to take my Pension annuity at the end of last year. I wrote more than 10 emails and letters to them over this period but never received one reply. The relevant phone number was not accepting calls and other numbers just connected me with people who denied all responsibility. In the end they put me in touch with their agent HUB who arranged an annuity with Scottish Widows but the whole process was fraught with their mistakes, lost documents and delays. Typically, they took their commission without problem.  As the lump sum was a substantial amount and I had been denied my pension for 8 months I asked for compensation but as usual this was not responded to. I have now written a letter of complaint to the Financial Ombudsman but I'm not confident that I will get anywhere.  I have been treated unfairly by Prudential and have suffered actual financial loss. 
Does anyone have any advice on how to move forward with my claim for compensation?

dunstonh

I am hoping for some advice as it is impossible to complain, argue or negotiate with Prudential. They just do not answer. This has been the case over the last 8 months since I applied to take my Pension annuity at the end of last year.

Prudential ceased retailing annuities some years ago.   Maybe the fact you were trying to buy one from them confused them?

In the end they put me in touch with their agent HUB who arranged an annuity with Scottish Widows but the whole process was fraught with their mistakes, lost documents and delays.

During lockdown, that was pretty common.

As the lump sum was a substantial amount and I had been denied my pension for 8 months I asked for compensation but as usual this was not responded to.

On the other hand, the delay may have been great news for you as had they done it quickly, you would probably have been looking at the annuity purchase using a value just after the market falls.  Whereas the delay allowed recovery.  You may not be financially worse off.

I have now written a letter of complaint to the Financial Ombudsman but I'm not confident that I will get anywhere.

You cannot bypass the complaints system.   The FOS will forward your complaint to Pru to look at.

I have been treated unfairly by Prudential and have suffered actual financial loss.

What loss have you suffered?

How much of the delay was due to error and how much was due to the transfer system virtually shutting down during the lockdown period?   How much was due to forms going backwards and forwards and being held up with postal delays and call centres being closed during lockdown?

You may have a case but, equally, it could be that the slowness was caused by things outside of their control.

Also, the complaint may be with the referral company and not with Pru (or with both).

As the lump sum was a substantial amount

For the benefit of other readers, do not use the in-house referral services of the insurers.  Especially on larger amounts.  it tends to slow the process down and you probably won't end up with the best deal.  In our experience, they have not offered the best terms.   You only get one chance to get the annuity right. So, use an IFA.  

Marcon

dunstonh said:

I have now written a letter of complaint to the Financial Ombudsman but I'm not confident that I will get anywhere.

You cannot bypass the complaints system.   The FOS will forward your complaint to Pru to look at.

Sounds like maladministration, not a complaint about poor advice, so the correct Ombudsman is the Pensions Ombudsman. 

First stop is TPAS for free, impartial help in going through the Pru's complaints process: https://www.pensionsadvisoryservice.org.uk/pension-problems/making-a-complaint