Problem with LGPS AVCs with Prudential

Rich2808

bioboybill said:

My April payment finally hit my account last night. Down to just one month late now for me, but their communication is still seriously lacking. They ignore all emails and messages and have blocked me from commenting on their FB page even though I’ve only commented on there two or three times.

Still no contributions posted for me since the September pay run - so 8 months worth of contributions missing and soon to be 9.
They have no difficulty of course in applying the monthly management charge - that is regular as clockwork!
I despair if it will ever be sorted.

bioboybill

That's really awful, Rich. Do you have a complaint registered with the FOS?
You're right about the charges. They always manage to keep those up to date. I also noticed that I received no bonus at all for the last financial year, the first time that has happened since I took the policy out 4 years ago.

Nebulous2

Silvertabby said:

Nebulous2 said:

stephenadarglas said:

@Nebulous2 you have to speak to your own LA to see how it works.  One of the options is to use your AVCs to buy extra pension in the LGPS.  Please seek advice.

Cheers - I intend taking it as cash. I signed up for an AVC at Christmas, with no intention of retiring yet, expecting my first payment would come out at the end of January. I don’t have a lump sum for my pension at all, so the intention was to get some tax-free cash. My deductions didn’t start until February. I then made the decision to leave end of March. 

I’ve been told I will be sent my options after our March payroll run is notified to the pension fund. We also have an outstanding pay claim for 20/21. 

I can afford a delay in payment, but as I have retired early I have an actuarial reduction. It would be affordable for me to take the waiting time for this mess (partly of my own making) to resolve,  as a deferral period instead of as a delayed payment, but I’m not clear if that will be offered. 

One of your pension options will be 'deferral of payment until a later date'.  Just go for that, then request revised options once everything has been sorted.

To update this for anyone interested. I handed in my notice late Jan, to leave end of March and it took two months post retirement to get figures from the LGPS, about four months after they knew I was going. 

I accepted the figures, said I wanted maximum pension and the AVC as cash. They then said figures had to be checked by someone else at pension scheme. 

I've just heard I'm getting 3 months pension at the end of June. They have separated out the AVC and handed any issues with the Pru directly to the Pru to resolve. They told me the Pru will send a cheque to my home. 

bioboybill

I hope you get your cheque from the Pru. They are still messing people about with the same old tired excuse on their website.

coroner

If your local gov pension is held up for payment they award you interest at quite a good rate my last one which is now in payment wasnt paid till end june I retired in March .in fairness though I did start another local gov job 2 months after I retired first time around.

bioboybill

Only any good if you have another source of income in the meantime.

bioboybill

My May payment is still to hit my account. You really couldn’t make it up how utterly useless this company are. After months of complaints to find in my favour and pay me £500 compensation for all their failures it’s beyond belief that they would repeat the same failings. Even the complaints manager who emailed me with their apology simply ignores my complaints that it’s all being repeated. Wondering when the FOS will ever get round to looking at my case against them. 🙄

MX5huggy

April has just turned up, and it was the amount I expected which was a change from previous months. 

Westertonbilly

To provide some reassurance, I recently retired and was able to access my AVC without any significant delay.

bioboybill

I have a colleague who retired July 2021 who has STILL not got his! It just seems pot luck with these chancers.