Problem with LGPS AVCs with Prudential

collins74

I received my cheque from Prudential yesterday so they have processed that quickly.

My wife rang about her complaint and they said it would be up to 8 weeks (Teachers AVC) to respond. 

My LGPS AVC complaint had five working days as the target to respond.  Not sure why there is such a different expectation for responding to complaints between LGPS AVC and Teachers AVC.

OldBeanz

collins74 said:

I received my cheque from Prudential yesterday so they have processed that quickly.

My wife rang about her complaint and they said it would be up to 8 weeks (Teachers AVC) to respond. 

My LGPS AVC complaint had five working days as the target to respond.  Not sure why there is such a different expectation for responding to complaints between LGPS AVC and Teachers AVC.

8 weeks is the time allowed by the company to resolve your complaint before you are allowed to take the matter to the Pension Ombudsman. You were very very lucky to have more than an acknowledgement in 5 working days.

Farside71

They will try to fast track as many as they can to keep on top of things. If it misses the initial target then typically it will go into the longer wait

AlanP_2

Dizzyb99 said:

Thank you all for your replies, they are really helpful and I will bite the bullet and get moving on it.
What would have been my last 12 months contributions were stashing up nicely ready to be transferred in when I opened it, until I had to lend it to my son for a new car, so the sooner I can get it where it can't be touched the better .

Old Beanz, I may have a substantial inheritance in the next few years and will certainly look into a SIPP should this be the case.

Thank you all again, your replies have been really appreciated.

Is the Pru the only option youi have for AVCs? My authority offered two investment routes (Clerical Medical and Standard Life).

daveyjp

For LGPS IIRC only Pru offer salary sacrifice, which is a perk which will become even more valuable once NI rates increase in April.

Dizzyb99

AlanP_2 said:

Dizzyb99 said:

Thank you all for your replies, they are really helpful and I will bite the bullet and get moving on it.
What would have been my last 12 months contributions were stashing up nicely ready to be transferred in when I opened it, until I had to lend it to my son for a new car, so the sooner I can get it where it can't be touched the better .

Old Beanz, I may have a substantial inheritance in the next few years and will certainly look into a SIPP should this be the case.

Thank you all again, your replies have been really appreciated.

Is the Pru the only option youi have for AVCs? My authority offered two investment routes (Clerical Medical and Standard Life).

Unfortunately it is, I don't even think they offer salary sacrifice but that is something I do need to enquire about.

bioboybill

My AVC was paid in relatively early this month about a week ago and they had even got my requested increase correct much to my surprise. However, a few days ago my plan value shot up £1700 extra much to my surprise! I looked in the contributions and transactions section, but nothing is showing. I'm in the with-profits section, so not sure where this £1700 has come from!!

bioboybill

Oh, maybe it's this?:https://www.pru.co.uk/existing-customers/bonus-declaration/

cloud_dog

Prudential appear to have mislaid one of my months contributions (almost £3k), they have updated/re-initiated the account with a contribution in December and January, but are missing the November one (I'll ignore the missing Feb one for now).  I think they are of the opinion that the November contribution was included in the transfer out amount. Not so.

Because the mess up of the 'partial transfer out' each time (three times), I do not have access to historic data on the Pru portal.  I have had to take apart my MS Money records (couldn't get a report to give me what I needed) and construct them in a Word document that clearly shows the contributions associated with Transfer 1, Transfer 2, and Transfer 3, and why the November contribution was not included in the transfer out, and should be credited in to the account now in operation.

I asked the scheme administrators to raise a formal complaint because the Pru seemed incapable of following or understanding the 'partial' aspect of the transfer out request.  Specifically I needed them to confirm what action I / administrators need to take to ensure the 'partial' aspect is clear / obvious / followed.  The response was less than fulfilling, e.g. they didn't actually answer the question, merely re-stated that the Dec and Jan contributions were there and they would catch up with the Feb one in due course.  Have advised the administrators of my feelings, but I also need to clarify if they actually submitted it as a 'formal complaint'.  What a palaver.  

bioboybill

I am afraid that's par for the course with the Pru. They tend to repeat the assertions that were wrong in the first place and ignore your pertinent points/questions.