Problem with LGPS AVCs with Prudential

Rich2808

stephenadarglas said:

If you are within 3  to 6 months to retirement I would stop my payments - my wife has.  This could get really messy the closer you get to needing the pay out.

Thanks - must be incredibly worrying and stressful for people close to retirement or who have just retired. For me its a theoretical issue but a concerning one as I cannot touch my pension investments for some time.
I am not due to retire for another 15 years - sadly - hopefully Prudential will have sorted out this IT system problem by then!

bonnyrigger

I've had a few calls with Prudential over last week and today. The AVC crew called me back and gave me all my policy details and said "you should now be able to register online" - wrong, I can't get past the place where it asks for name. postcode and DOB - details not recognised. Never had issues with the previous portal.
I called the online team today and was told my policy was not eligible for online servicing but then saying it shoud be and they will "raise it with IT". Starting to think they maybe used the same crew as TSB did
 Not really urgent as I'm not retiring for a while but kind of hard to make changes/check performance. when you can't get access - and you are having to take it on trust that your payments are not being stuck in some suspense account or lost. 

TVAS

This is a classic example of an old fashioned Insurance company who have had years to scan their paper docs to a computer so that it is all online doing when there is a pandemic.

The Pru are installing a new computer system I suspect going from mainframe (expensive) to a cheaper way of maintaining records. That has obviously gone tits up. It always does. Compound that with paper docs therefore staff need to be in the office rather than work from home, Covid sick genuine and skiving. equals delay delay and more delay.

IF ANY OF YOU HAVE SUFFERED A PECUNIARY LOSS COMPLAIN.

Webby68

I am with the Derbyshire Pension Fund and they have an item in their latest news section about it with holding statement from the Pru and apparently "We are in regular contact with Prudential to monitor the company’s progress in resolving the matter."

Rich2808

Webby68 said:

I am with the Derbyshire Pension Fund and they have an item in their latest news section about it with holding statement from the Pru and apparently "We are in regular contact with Prudential to monitor the company’s progress in resolving the matter."

Thanks - found it on their website
https://www.derbyshirepensionfund.org.uk/about-the-fund/latest-news/news-items/prudential-avc-investment-delays.aspx

"A statement from Prudential about recent Additional Voluntary Contribution (AVC) payments:

Prudential are currently experiencing delays in the processing of key transactions. These delays may in particular impact the investment of incoming contributions which means some retirement/disinvestment claims are having to be delayed until these can be resolved. The delays have been caused by the impact of COVID and the latest lockdown as well as the implementation of a new system, which has taken additional time to embed.

Prudential are committed to resolving these delays as quickly as possible and have provided complete assurances there will be no financial detriment to a member’s claim or investment as a result of these delays. 

We are in regular contact with Prudential to monitor the company’s progress in resolving the matter."

bioboybill

That’s all well and good, but there are people who actually retired 8 months ago and can’t access their pensions, because their AVC lump sum can only be paid out at the same time as their pension. Are they supposed to live on fresh air in the meantime? And with no timescale to solve this terminally ill people are dying without being able to access payouts to help ease their last days! Meanwhile the Pru CS team continue to make false promises.

Rich2808

bioboybill said:

That’s all well and good, but there are people who actually retired 8 months ago and can’t access their pensions, because their AVC lump sum can only be paid out at the same time as their pension. Are they supposed to live on fresh air in the meantime? And with no timescale to solve this terminally ill people are dying without being able to access payouts to help ease their last days! Meanwhile the Pru CS team continue to make false promises.

Perhaps its time the media were involved frankly - as the situations you highlight are totally unacceptable. You just need a good case study - I would volunteer but my issues are minor by comparison!

Katie Morley at the Telegraph might be a good start - kminvestigates@telegraph.co.uk
https://www.telegraph.co.uk/money/katie-investigates/conned-230000-bank-could-recover-5p/
https://www.telegraph.co.uk/money/katie-investigates/katie-morley-investigates-contact-form/
or Simon Lambert Daily Mail money editor
https://www.dailymail.co.uk/money/article-1585631/This-Money-Contact-thisismoney-uk-email-phone.html)

bioboybill

Money Mail were reporting similar problems at the Pru over a year ago, pre-COVID, but it seems to be getting worse now. They used the new IT system BS then too.
https://www.thisismoney.co.uk/money/pensions/article-7887021/Why-wont-Man-Pru-pay-Anger-readers-pension-cash-held-insurer.html

marycanary

Prompted by this thread I checked my AVC record online and found that the last few months contributions had not been credited. I emailed the Pru to complain; not because I was particularly worried but, "just in case." I received a phone call from a very nice lady who told me not to worry, the problem was a new computer system and it would all soon be resolved. She then asked if she could close my complaint. I advised I was not worried but I would prefer the complaint to remain open until the contributions were added,  We then went round and round saying the same things a few more times until she eventually said that she would refer my email to the complaints team.
Yesterday I received two letters from the Pru. One saying they upheld my complaint, they had credited the contributions to my account and had awarded me £125 for the inconvenience. The other contained a cheque for £125. I have checked and my contributions up to February are now showing.
Had I not seem this thread I would not have checked or made the complaint. If there is anyone with money that has not been credited it is certainly worth sending a complaint email and then refusing to cancel it when pressed to do so by the Pru.

stephenadarglas

My wife's January payment (15th) was invested today.