Problem with LGPS AVCs with Prudential

bioboybill

Finally got an email today regarding my case from a complaints manager. They have upheld my case and admitted that I got poor service from them that was way below the level expected, and they apologised for all the messages that were ignored. All of my payments are up to date now, and they are sending me a cheque for £500 as compensation for the unnecessary stress caused. Since the FOS said it would take 4 months to be assigned to a caseworker I will wait to see whether future payments are applied before I cancel my case against them.

TVAS

This is classic insurance company problem. They have waves of redundancies and get rid of the higher paid usually more talented and experienced staff. 

They have too little staff remaining and they do not have the all round experience to run the whole gamut of pension products the Pru offers. 

However DB member not being able to take benefits at their scheme retirement age is a scandal. 


Write to your MPs, Write to your main scheme, Complain to Fos, Complain to MoneyBox, Complain to a Newspaper.

Steve33

bioboybill said:

Finally got an email today regarding my case from a complaints manager. They have upheld my case and admitted that I got poor service from them that was way below the level expected, and they apologised for all the messages that were ignored. All of my payments are up to date now, and they are sending me a cheque for £500 as compensation for the unnecessary stress caused. Since the FOS said it would take 4 months to be assigned to a caseworker I will wait to see whether future payments are applied before I cancel my case against them.

I hope you get your £500. They promised me £300 on 17th March and to expect it within 10 working days. Still waiting and have sent 2 reminders.

Steve33

Last week November’s contribution was added to my investment, this week December’s contribution was added. Two more months to go.

Today there is an article in the Telegraph online (I tried to put the link in here for you but newbies can’t).

If anyone wants to add to the story please email jessica.beard@telegraph.co.uk as there is supposed to be an updated story in Saturdays Telegraph paper.

xylophone

https://www.telegraph.co.uk/pensions-retirement/news/pensioners-owed-thousands-scandalous-disaster-prudential/

An IT meltdown at one of Britain's biggest pension companies has left savers locked out of their savings for months on end.

The company would not say how many customers were affected.

I wonder why not............. 

bioboybill

Steve33 said:

bioboybill said:

Finally got an email today regarding my case from a complaints manager. They have upheld my case and admitted that I got poor service from them that was way below the level expected, and they apologised for all the messages that were ignored. All of my payments are up to date now, and they are sending me a cheque for £500 as compensation for the unnecessary stress caused. Since the FOS said it would take 4 months to be assigned to a caseworker I will wait to see whether future payments are applied before I cancel my case against them.

I hope you get your £500. They promised me £300 on 17th March and to expect it within 10 working days. Still waiting and have sent 2 reminders.

Really does show what a shambles they are if they find in your favour, tell you how sorry they are and will learn from their mistakes etc and then don’t send you the compensation they award you!

OldBeanz

My issue is with them not changing monthly payments. The Pru have come back and stated that while I intended to complain on the 11th December I had not achieved this until the middle of February. I have taken this back to the Financial Ombudsman showing the details of the complaint on the Pru's customer website messages filed under the complaint tab. They are also blaming the Payroll provider for not making the changes although Payroll is saying the documents were never received and the process requires the Pru to ensure the amounts match up each month. The Pru have not responded to my Subject Access Request either so that is another authority they will be dealing with. 3 page document with 13 attachments meant for a weighty tome.  

bioboybill

Got my cheque for £500 compensation today. I’m shocked that they managed to send it.

2J66

I retired on 31/12/20 - no sign of AVCs. Communication via website messaging and telephone was a complete waste of time so I submitted a formal complaint about 6 weeks ago.  Lo and behold the money appeared in my current account yesterday 6/5/21 without any notice via email or letter.  The complaint stands as although the investment hasn't lost money I've missed the ISA deadline and the opportunity to invest in an alternative fund with better returns. It's also a good job I hadn't committed to using the money in the 4 months it's taken them to sort it. I was lucky in that it was only AVCs and my pension was paid by the fund as it should have been.  Whilst I would recommend AVCs to anyone on principle I would hesitate to do so as long as they are managed by Prudential.  On the basis of my experience I would never consider using any commercial Prudential products in future and would recommend that anyone else avoids the company.  

bioboybill

Has anybody else had any further success with these? Even though I got my £500 compensation from them I haven't dropped my complaint, as I'm not confident that their poor service won't recur. I'm already starting to wonder if my April payment will show up anytime soon!