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Problem with LGPS AVCs with Prudential
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bioboybill said:I have a colleague who retired July 2021 who has STILL not got his! It just seems pot luck with these chancers.0
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Cheque for £400 arrived out of the blue with no prior indication. Still no payments to my account since Feb. Complaint remains live and communication seems to have stopped but happy enough to accept payment for what Pru term "inconvenience". Can't work this company out at all and must be costing them a fortune!1
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AlanP_2 said:bioboybill said:I have a colleague who retired July 2021 who has STILL not got his! It just seems pot luck with these chancers.0
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Nebulous2 said: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.
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.
Update again - called today to ask about my cheque. The local authority contacted them asking them to disinvest and send me a cheque. Their system is showing a zero balance, so they don't have a cheque to send me. They have written to the local authority asking for details of any contributions made. The local authority have not responded.
I've given details of my contributions and they will now chase these up. They may be in a suspense account.1 -
Nebulous2 said:Nebulous2 said: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.
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.
Update again - called today to ask about my cheque. The local authority contacted them asking them to disinvest and send me a cheque. Their system is showing a zero balance, so they don't have a cheque to send me. They have written to the local authority asking for details of any contributions made. The local authority have not responded.
I've given details of my contributions and they will now chase these up. They may be in a suspense account.
The procedure has always been to send the money to the linked LGPS on disinvestment, so the money can be incorporated into the maximum tax free cash calculation.
Is it possible that the Pru have indeed sent the disinvested money to your LGPS as per normal procedures?1 -
Silvertabby said:Nebulous2 said:Nebulous2 said: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.
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.
Update again - called today to ask about my cheque. The local authority contacted them asking them to disinvest and send me a cheque. Their system is showing a zero balance, so they don't have a cheque to send me. They have written to the local authority asking for details of any contributions made. The local authority have not responded.
I've given details of my contributions and they will now chase these up. They may be in a suspense account.
The procedure has always been to send the money to the linked LGPS on disinvestment, so the money can be incorporated into the maximum tax free cash calculation.
Is it possible that the Pru have indeed sent the disinvested money to your LGPS as per normal procedures?
I don't think so. It looks to me as though the payments have never made it into my account, in line with the experience of others in this thread. Although it took 3 months for my pension to be put into payment, I'm quite pleased they agreed to pay my pension and asked the Pru to pay me direct or it could have taken much longer.
I didn't take a lump sum from the LGPS at all, and my AVC is only worth about £3k, so I certainly wasn't taxing the limits of what was permissible.1 -
Prudential in complete shambles shocker! I'm still waiting for my May payment (and now my June payment) to show up despite the compensation and correction previously made. They still ignore all communication via online messaging and email. I would phone, but I cba spending hours on the phone listening to their feeble excuses and outright lies.
The FOS are hopeless. Companies like the Pru can do whatever they like with little or no regulation.0 -
Well blow me down with a feather, they are currently completely up to date for me.0
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OldBeanz said:MX5huggy said:Well blow me down with a feather, they are currently completely up to date for me.Did they give a breakdown on dates/costs etc or just add the money?1
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