Problem with LGPS AVCs with Prudential

bioboybill

They seem to be gradually improving for me. My AVC was paid on 7th April this month. The earliest since the pandemic started.

OldBeanz

We have our fingers crossed as the wife is making her last change before she retires in 16 months or so. All parties are aware but I am not sure if they have exchanged the information between themselves so fingers crossed for the next couple of weeks

OldBeanz

bioboybill said:

They seem to be gradually improving for me. My AVC was paid on 7th April this month. The earliest since the pandemic started.

I knew you would jinx this for us.
Normally seen as credited during the first week of the month and nothing.
Better laughing than crying - I just don't see how the company merits its charges when it is abjectly failing to provide an acceptable service.

OldBeanz

Was wondering when their web site was likely to be back and came across this article:
https://www.pensions-expert.com/DB-Derisking/Prudential-reports-itself-to-regulator-over-AVC-failings?ct=true

Thrugelmir

OldBeanz said:

bioboybill said:

They seem to be gradually improving for me. My AVC was paid on 7th April this month. The earliest since the pandemic started.

Normally seen as credited during the first week of the month and nothing.
Better laughing than crying - I just don't see how the company merits its charges when it is abjectly failing to provide an acceptable service.

Will also depend on the speed with which the money is paid over by the respective payroll department.. 

OldBeanz

Thrugelmir said:

OldBeanz said:

bioboybill said:

They seem to be gradually improving for me. My AVC was paid on 7th April this month. The earliest since the pandemic started.

Normally seen as credited during the first week of the month and nothing.
Better laughing than crying - I just don't see how the company merits its charges when it is abjectly failing to provide an acceptable service.

Will also depend on the speed with which the money is paid over by the respective payroll department.. 

Yes it is a running sore but does get resolved.
I wonder how many other companies have reported themselves to the Pension Ombudsman?
The issue we had with them communicating with my wife's payroll providers is still ongoing and highly stressful due to their lack of comms.

collins74

Hi all,

My wife asked for her Teacher’s AVC to be reduced in January in time for the Feb pay packet.  She has just been paid for May and the reduction has still not been applied!

 We have submitted two complaints, received £500 compo and I am about to complaint again.  I am not following the complaint procedure going through the DofE and the ombudsman as I just want it sorting and don’t want to wait months.

I reduced my LGPS AVC in time for May and had no issues.

I have no faith in the company at all and just hope things improve if and when we come to take our pensions.

OldBeanz

collins74 said:

Hi all,

My wife asked for her Teacher’s AVC to be reduced in January in time for the Feb pay packet.  She has just been paid for May and the reduction has still not been applied!

 We have submitted two complaints, received £500 compo and I am about to complaint again.  I am not following the complaint procedure going through the DofE and the ombudsman as I just want it sorting and don’t want to wait months.

I reduced my LGPS AVC in time for May and had no issues.

I have no faith in the company at all and just hope things improve if and when we come to take our pensions.

You should be able to get to £1k without too much effort.
Their £1300 excuse to us was that because my wife as a teaching assistant could also make changes by going through the school office, the Pru did not check whether the payroll company received their letter or whether it was actioned.
Yes, their process as I understand it is they send a letter and then see that as the end of their responsibilities. The Pension Ombudsman offered to verify the process but didn't. My wife didn't want to involve the school but did so in desperation for her last change as the payroll company had not received "the letter". By this time (numerous occasions) the payroll company would not accept that change until the Pru OKed it despite the Local Authority asking them to make the change, the PO directly involved,  and me previously copying to them the change acknowledgement from the Pru.
Not sure whether the PO helped any. My wife earns just over the tax threshold so wanted to change her payments with any pay rises or annual change of hours etc so that she paid no tax. The pru then stated to the PO that while their system should be able to cope with multiple changes that this complicated matters thus implying that their brains could not cope with the amount requiring to be contributed would change if they did not implement the first change and that with payroll systems normally requiring  a 4 week lead, that if they do not make the necessary change within the week the calculations changed again for the month after that. They also stated that I had been tardy in complaining but that they should have responded to my complaints. I was not late in complaining as I complained before my wife's pay was in the bank, meaning even in replying to the PO they could not be bothered to open some messages sent through their online portal.
And breathe.

bioboybill

Back to paying in late again. Still nothing showing from my payment in late May. Also took about 6 messages to get them to answer the simplest of questions through their messaging service. They generally don't read your question properly and reply from a script. It's like pulling teeth!

collins74

Yes Pru again lagging behind with contributions showing up - my May one is still not showing as of today.  

My wife’s Teachers Pru AVC took five months to sort out a reduction in contributions.  Sent in multiple complaints and had significant compo.  

I submitted an increase early this month to my LGPS AVC and to be fair they have actioned this promptly.