Advice please.... prudential un-contactable to discuss my Pension options

flyinggizmo

My With Profits Pension fund comes to maturity in 6 weeks time & I'm unable to contact anyone at the Pru. I've sat listening to music on the phone for countless hours over the last two weeks and nobody ever picked up. I emailed their customer services & they replied with numerous promises of a call back but that never materialised. I'm now in a situation where I don't know what my options are ( ie: is drawdown available on this policy etc? ) and time is ticking away. Looking online it's inundated with customers complaining for the same reason. I've tried everything, even accessing my account online & leaving internal messages but sadly with the same result. Would a financial adviser hit the same brick wall if I consulted one? Appreciate any advice. Many thanks .....

dunstonh

My With Profits Pension fund comes to maturity in 6 weeks time 

The only maturity date on a pension like that is 75.   Anything earlier than that is just for statement purposes/projections.

If you mean the statement age (scheme age) is coming up then Pru, like other providers, start the process several years earlier to that age by prepping you and then as you get closer, they ask what options you want.   What you send back to them dictates what happens next.

I've sat listening to music on the phone for countless hours over the last two weeks and nobody ever picked up

Their phone line is absolutely abysmal.  I have to ring them and several times i have tried it has said in excess of an hour.

I'm now in a situation where I don't know what my options are ( ie: is drawdown available on this policy etc? ) and time is ticking away.

If you are getting close to the "scheme" age then this should have happened in multiple mail outs over the last 2 years.   Do they have your current address as that appears to be multiple bits of post missing.

Would a financial adviser hit the same brick wall if I consulted one? 

FAs may not be of much help but IFAs could be but we too are suffering delays with Pru.  its easier to deal with them in writing and post back.  Although with you not appearing to be receiving post from them, that may not help.

flyinggizmo

@dunstonh Thanks for the reply. I probably haven't been clear enough regarding correspondence. They sent me info 6 months ago to say my planned retirement date was approaching and another letter a couple of weeks ago asking me to consider my retirement options and let them know what I decide. Unfortunately, I'm not sure what options are available on this type of policy so that's why I need to speak to them. Ideally I'd probably go for 25% lump sum and the rest stay invested for future drawdown ( not income drawdown ). It's an "Indepension" with two separate policy numbers. It's not a particularly large pot ( circa 120,000 with final bonus of appx 40,000 = £160,000 ). Would it be worth consulting an IFA as I seem to be getting nowhere fast & I don't know what the implications are if I extend beyond my retirement date without making a decision.

xylophone

My With Profits Pension fund comes to maturity in 6 weeks time 

Is it a Prudential Personal Retirement Plan which has a Guaranteed Annuity Rate at a designated age, say 65?.

Have you obtained a state pension forecast to help with retirement planning?

https://www.gov.uk/check-state-pension

Nurse2047

I have also sat for two hours on hold to the Pru pension line- i sent them a secure email in the end and it says will take 5 days to get back in touch 

flyinggizmo

@xylophone It's a unit linked & with profits personal pension. I can't see anything on my paperwork regarding a Guaranteed Annuity Rate unfortunately.  I'm eligible for the full state pension in 14 months time. 

dunstonh

deally I'd probably go for 25% lump sum and the rest stay invested for future drawdown ( not income drawdown )

What you describe is income drawdown.    Its just set at nil income.     You only take the 25% up front if you have an immediate spending need. Otherwise you should leave it until its needed.   Taking it up front can also lower your tax free income.

Would it be worth consulting an IFA as I seem to be getting nowhere fast & I don't know what the implications are if I extend beyond my retirement date without making a decision.

Most of Prus legacy plans do not support income drawdown.  Only their more modern plan does and if you go view Pru they will charge you  (we are doing one for a client at the moment - hence the need for me to ring Pru - where Pru told him they would charge £3000 vs our £750.  Plus Pru are restricted to their own range and I am no fan of their current range).

An IFA is there primarily to give advice, make sure no errors are made and facilitate the advice from using the whole of market.  Alternatively, if you know what you are doing and why then you can DIY instead.       Pru will not give you advice without you paying for it.  So, really it boils down to you going DIY or using an IFA. That is a personal choice depending on your confidence to DIY well.

xylophone

My With Profits Pension fund comes to maturity in 6 weeks time & I'm unable to contact anyone at the Pru. 

https://forums.moneysavingexpert.com/discussion/6240757/problem-with-lgps-avcs-with-prudential/p1
As you say, you are not the only one - it is quite astonishing that they can get away with such unprofessional behaviour.