Prudential AVCs LGPS - Rhondda - Cynon - Taff Local Authority

stephenadarglas

Hi all
Anyone having problems with money leaving their salaries however the amount is not appearing in their investments? 
The payment for the 15th October was late (I rang and they dealt with it), the 15th November has not appeared and the payment for the 15th December has not appeared. I've messaged them on a few occasions however no response, takes time, covid etc.  The waiting time on the phone line is circa 30 minutes.

AlanP_2

Rang who? The LGPS admins or Pru?

Has the LGPS sent it?

Has the Pru received it?

stephenadarglas

Its left the wages dept at RCT LA however is not showing as invested.  The Pru' dealt with it last time after a phone call.

AlanP_2

You could try contacting the LGPS trustees (not the payroll / pension admin team) and make them aware of the "poor service" and see if they can put any pressure on to avoid future issues.

For Nov / Dec contributions have you tried using email / online contact options to talk to the Pru?

stephenadarglas

Yes - I've secure messaged the Pru and they have just returned my concerns and said since they have updated their 'systems' they are aware that some payments are delayed getting through.  I thank you for your guidance Alan P-2

stephenadarglas

Just to say that this issue has now been sorted.  It was to do with their new computer system.  I had a sincere apology and a small financial payment for the aggravation.  Thank you Prudential for dealing with it in a professional and courteous manner.

dunroving

From past experience with Pru AVCs, sometimes the money is invested but doesn't show on the system for a while. Aggravating, but at least it means it isn't really "late". Your last payment was supposed to be on the 15th (last Friday), so if it wasn't there this morning, it's not really 3 days late. In terms of business days, today (Monday) is "the next day". I find a similar thing with Fidelity. I'm not sure why it doesn't show immediately, but when transactions do eventually show, the date shows that they happened when they should have done. Now, if I give an instruction and it doesn't appear to have gone through within 24 hrs, I no longer get my knickers in a twist over it, especially if I gave the instruction on a Friday.

AlanP_2

dunroving said:

From past experience with Pru AVCs, sometimes the money is invested but doesn't show on the system for a while. Aggravating, but at least it means it isn't really "late". Your last payment was supposed to be on the 15th (last Friday), so if it wasn't there this morning, it's not really 3 days late. In terms of business days, today (Monday) is "the next day". I find a similar thing with Fidelity. I'm not sure why it doesn't show immediately, but when transactions do eventually show, the date shows that they happened when they should have done. Now, if I give an instruction and it doesn't appear to have gone through within 24 hrs, I no longer get my knickers in a twist over it, especially if I gave the instruction on a Friday.

Check the dates in the first post - 15/11/20 payment hadn't arrived by 22/12/20.

dunroving

AlanP_2 said:

dunroving said:

From past experience with Pru AVCs, sometimes the money is invested but doesn't show on the system for a while. Aggravating, but at least it means it isn't really "late". Your last payment was supposed to be on the 15th (last Friday), so if it wasn't there this morning, it's not really 3 days late. In terms of business days, today (Monday) is "the next day". I find a similar thing with Fidelity. I'm not sure why it doesn't show immediately, but when transactions do eventually show, the date shows that they happened when they should have done. Now, if I give an instruction and it doesn't appear to have gone through within 24 hrs, I no longer get my knickers in a twist over it, especially if I gave the instruction on a Friday.

Check the dates in the first post - 15/11/20 payment hadn't arrived by 22/12/20.

Ah, I see what you mean. I guess I was thrown by the resurrected/updated recent post. I'd still be interested whether the salary transfer (a) wasn't credited to the OP's Pru account, or (b) was credited but just wasn't showing on the system.

stephenadarglas

Yes it left the salary on the 15th of the month however due to the 'new computer system' it wasn't showing for up to two months later however they did backdate it to the date it was supposed to be invested at the unit price of the day.  I kept an eye on it because my wife is retiring in April and I didn't want any loose ends that affected the LGPS pension payment.

Silvertabby

The problem is, your employer didn't just send £X to the pru under a covering letter saying that this money is in respect of Mr Y. 

Instead, they send monthly payments for £XXX with a list of ALL contributors and the amounts paid.

Pre covid, it would take up to a month for the Pru (after confirmation that the money had been received) to transfer these details to the individual accounts.  In these days of staff shortages and working from home, it could well take 3 times as long. 

OP - your wife may like to consider making her final AVC payment early.  I used to recommend one month, but 2 or even three may be the way to go at the moment.  The reason for this is that the AVC fund can't be disinvested until the Pru know for certain that they have received the final payment, and the LGPS pension can't be brought into payment without at least confirmation of the final amount.