Problem with LGPS AVCs with Prudential

jamjar92

All my LGPS AVCs are now showing. Let see when Feb’s arrives due by the end of the month.

bioboybill

jamjar92 said:

All my LGPS AVCs are now showing. Let see when Feb’s arrives due by the end of the month.

Good to hear. Nothing after my end of November payment here. Their website is down for maintenance atm, so would be nice to think more people might be getting their money soon, but hasn’t happened for me previous weekends it’s been down.

bioboybill

And their site is back, and sure enough my £1200 paid to the Pru is still missing.

OldBeanz

I've written to them today thanking them for starting a new complaint for me but giving them our reference for the Financial Ombudsman as they had not bothered responding to my earlier complaint.

bioboybill

After the first couple of messages from them they have simply ignored me apart from the pointless letters pretending to investigate. Then there’s the social media manager pretending to move your complaint forward when in fact nothing of the sort is happening. What I can’t understand is how the Financial Ombudsman hasn’t intervened. Surely the FOS have many complaints about Prudential by now and can see this is widespread chaos.

Thrugelmir

stephenadarglas said:

January's missing - left pay on the 15th.  More work on their systems again this weekend.

When were they paid across though?  The Pru has to receive the physical funds. 

jamjar92

Thrugelmir said:

stephenadarglas said:

January's missing - left pay on the 15th.  More work on their systems again this weekend.

When were they paid across though?  The Pru has to receive the physical funds. 

Yes they have, all my missing payments have now arrived all backdated to purchase units in the funds in force at the time. They would not do that if it was fault of the local authority. Plus it been confirmed with pension section it was an issue with the Pru migration to the new computer system.

Rich2808

My contributions since September have still not been allocated to my AVC by Prudential.
Spoke to them after sending an online message - apparently the timescale for resolving any queries such as mine and adjusting for any errors is the end of March (so more than a month) and you won't potentially get notification they have made the adjustments and allocated the contributions until after Easter and thus into the new tax year!
And those with AVCs who don't check their online accounts so rely on their annual statement could be none the wise for up to a year that their contributions are not being invested - as it seems you have to tell them there is a problem for them to deal with it (not them identify that the funds they have received from your employer have not been paid in and allocate them). They must not be doing bank reconciliatons regularly - or have a lot of money in suspense!
Not exactly satisfactory for a system upgrade issue they have known about since November. 

bioboybill

I wouldn’t believe a word they say. Like I said before, there are people who informed them of problems way back in August and were promised it would take up to a month to sort out and they are still waiting. A guy at my work retired at the end of July and hasn’t had a penny! They lie through their teeth to get you off the phone, or they just cut you off!

Rich2808

bioboybill said:

I wouldn’t believe a word they say. Like I said before, there are people who informed them of problems way back in August and were promised it would take up to a month to sort out and they are still waiting. A guy at my work retired at the end of July and hasn’t had a penny! They lie through their teeth to get you off the phone, or they just cut you off!

My issue is a minor irritation over a few months contributions - but it is still a lot of money to have 'disappeared'.
I can't imagine the stress if I had just retired, was waiting on tens of thousands perhaps more to be paid over and couldn't get hold of it.