HEEEELLLLP!!!!

robcooper2001

Years ago I had a pension with Pru. I changed jobs and it was obviously closed to new contributions or transfers as happens after a period of time.
September 2022 I requested a transfer to my new pension and Prudential have done everything in their power to block the transfer: a. promising to send the correct forms and not doing so. b. requesting information piece meal one letter and a time. c. re-requesting information information supplied d. ignoring documents sent from the new pension company.
Whenever I call them the pass me round to one another and to no one who can make a decision. Each time, I spend 15 minutes explaining the whole story and wait another 15 minutes while they read the every increasing file!
When I took the pension out 20 - 30 years ago, Prudential were a really reputable company. Now I feel they are bandits, bank robbers who are desperate to deduct as many monthly fees as possible.
Their complaints department has been absent for weeks.
I'm at the end of my tether.
I feel that money is lost forever.

molerat

Have you raised a formal complaint following their complaints procedure ?  If so you can take it to the FOS after 8 weeks.

MX5huggy

Prudential seem to be in an utter administrative mess. Stories like this do not inspire confidence. https://www.tcs.com/who-we-are/newsroom/press-release/tcs-expands-partnership-m-g-drive-cloud-only-strategy-accelerate-business-transformation

Here is an ongoing 2 year saga of chasing PRU, the only plus point is their willingness to pay compensation on a seemingly regular basis. Good luck keep pushing. 

https://forums.moneysavingexpert.com/discussion/6240757/problem-with-lgps-avcs-with-prudential/p1

xylophone

Prudential were a really reputable company.

https://www.moneymarketing.co.uk/news/pru-apologises-for-appalling-customer-service-levels/

https://www.moneymarketing.co.uk/news/scottish-widows-apologises-for-poor-service-levels/

Being reputable now means making apologies......

Suhusa

robcooper2001 said:

Years ago I had a pension with Pru. I changed jobs and it was obviously closed to new contributions or transfers as happens after a period of time.
September 2022 I requested a transfer to my new pension and Prudential have done everything in their power to block the transfer: a. promising to send the correct forms and not doing so. b. requesting information piece meal one letter and a time. c. re-requesting information information supplied d. ignoring documents sent from the new pension company.
Whenever I call them the pass me round to one another and to no one who can make a decision. Each time, I spend 15 minutes explaining the whole story and wait another 15 minutes while they read the every increasing file!
When I took the pension out 20 - 30 years ago, Prudential were a really reputable company. Now I feel they are bandits, bank robbers who are desperate to deduct as many monthly fees as possible.
Their complaints department has been absent for weeks.
I'm at the end of my tether.
I feel that money is lost forever.

It took me a year and a half to transfer a pension out of Royal London. I forgot how often I had to call them to get the transfer pack (each time I'd definitely get it this time, promise) and then after I'd sent that off, they seem to have forgotten about it and even then only did something about it after being prodded twice (and after I threatened to go to the press with this). They offered me a measly amount of compensation because they simply ignored the date when I first sent them the transfer pack, but chose to apply the date I first reminded them about the transfer. In the meantime the mini budget happened, after which the exchange rate went down and hasn't recovered properly since (I'm transferring to a QROPS), and my pension pot value with Royal London went down by noticably more than the funds I'd have invested in in the QROPS. So Royal London have needlessly lost me 5% of my transfer value by being disorganised. I've gone to the ombudsman because I'm not happy how this went down. Maybe the ombudsman will come to a decision before I draw my pension in the 2050s...

Long story short, go to the ombudsman. You can also look up old decisions to see if one applies to you (although in some cases very similar complaints have very different outcomes).

Marcon

Suhusa said:

robcooper2001 said:

Years ago I had a pension with Pru. I changed jobs and it was obviously closed to new contributions or transfers as happens after a period of time.
September 2022 I requested a transfer to my new pension and Prudential have done everything in their power to block the transfer: a. promising to send the correct forms and not doing so. b. requesting information piece meal one letter and a time. c. re-requesting information information supplied d. ignoring documents sent from the new pension company.
Whenever I call them the pass me round to one another and to no one who can make a decision. Each time, I spend 15 minutes explaining the whole story and wait another 15 minutes while they read the every increasing file!
When I took the pension out 20 - 30 years ago, Prudential were a really reputable company. Now I feel they are bandits, bank robbers who are desperate to deduct as many monthly fees as possible.
Their complaints department has been absent for weeks.
I'm at the end of my tether.
I feel that money is lost forever.

It took me a year and a half to transfer a pension out of Royal London. I forgot how often I had to call them to get the transfer pack (each time I'd definitely get it this time, promise) and then after I'd sent that off, they seem to have forgotten about it and even then only did something about it after being prodded twice (and after I threatened to go to the press with this). They offered me a measly amount of compensation because they simply ignored the date when I first sent them the transfer pack, but chose to apply the date I first reminded them about the transfer. In the meantime the mini budget happened, after which the exchange rate went down and hasn't recovered properly since (I'm transferring to a QROPS), and my pension pot value with Royal London went down by noticably more than the funds I'd have invested in in the QROPS. So Royal London have needlessly lost me 5% of my transfer value by being disorganised. I've gone to the ombudsman because I'm not happy how this went down. Maybe the ombudsman will come to a decision before I draw my pension in the 2050s...

Long story short, go to the ombudsman. You can also look up old decisions to see if one applies to you (although in some cases very similar complaints have very different outcomes).

OP needs to go through the Pru's own formal complaints procedure first.

dunstonh

September 2022 I requested a transfer to my new pension and Prudential have done everything in their power to block the transfer: a. promising to send the correct forms and not doing so. b. requesting information piece meal one letter and a time. c. re-requesting information information supplied d. ignoring documents sent from the new pension company.

Personally not had any trouble with Pru pension transfers.  However, that is because I only transfer to providers that use Origo.   Pru also use Origo.  So, Origo to Origo  is very easy.   If you are trying to transfer the pension to a non-Origo scheme then there are extra hoops to jump through which are a regulatory requirement.  (those same hoops exist for Origo schemes but being on Origo makes them lower risk).   origo transfers are also paperless.

I'm at the end of my tether.
I feel that money is lost forever.

We can help if you tell us what the problem is.    However, you haven't done that yet.

I suspect you are falling foul of the new regulatory requirements and that will be because of the scheme you are transferring to.  i.e. if its not an Origo scheme and its more of a niche scheme or offers overseas investments (which includes ETFs and shares) then they have to carry out an additional risk assessment and carry out further documentation that isnt part of the normal transfer discharge forms.

Suhusa

Marcon said:

Suhusa said:

robcooper2001 said:

Years ago I had a pension with Pru. I changed jobs and it was obviously closed to new contributions or transfers as happens after a period of time.
September 2022 I requested a transfer to my new pension and Prudential have done everything in their power to block the transfer: a. promising to send the correct forms and not doing so. b. requesting information piece meal one letter and a time. c. re-requesting information information supplied d. ignoring documents sent from the new pension company.
Whenever I call them the pass me round to one another and to no one who can make a decision. Each time, I spend 15 minutes explaining the whole story and wait another 15 minutes while they read the every increasing file!
When I took the pension out 20 - 30 years ago, Prudential were a really reputable company. Now I feel they are bandits, bank robbers who are desperate to deduct as many monthly fees as possible.
Their complaints department has been absent for weeks.
I'm at the end of my tether.
I feel that money is lost forever.

It took me a year and a half to transfer a pension out of Royal London. I forgot how often I had to call them to get the transfer pack (each time I'd definitely get it this time, promise) and then after I'd sent that off, they seem to have forgotten about it and even then only did something about it after being prodded twice (and after I threatened to go to the press with this). They offered me a measly amount of compensation because they simply ignored the date when I first sent them the transfer pack, but chose to apply the date I first reminded them about the transfer. In the meantime the mini budget happened, after which the exchange rate went down and hasn't recovered properly since (I'm transferring to a QROPS), and my pension pot value with Royal London went down by noticably more than the funds I'd have invested in in the QROPS. So Royal London have needlessly lost me 5% of my transfer value by being disorganised. I've gone to the ombudsman because I'm not happy how this went down. Maybe the ombudsman will come to a decision before I draw my pension in the 2050s...

Long story short, go to the ombudsman. You can also look up old decisions to see if one applies to you (although in some cases very similar complaints have very different outcomes).

OP needs to go through the Pru's own formal complaints procedure first.

I took that as a given, not least because the ombudsman page has a long set of questions to go through that ask you how and how long ago you have complained before you'll get anywhere near submitting your complaint to the ombudsman.

handful

I had a very similar experience with Phoenix Life recently. I was staggered at the level of dishonesty/incompetence shown by them. Forms that I'd sent 3 or 4 times still not received, people "promising" to deal with my complaints personally and then doing nothing. I even complained using their internal complaint process and they haven't dealt with it. I can't be bothered wasting any more of my time after getting the funds transferred at long last. Good luck getting your situation sorted.

dunstonh

I had a very similar experience with Phoenix Life recently. 

Depending on which Phoenix it is (as it often comes down to the legacy company), they are generally not too bad but I have a phoenix pension transfer going on at the moment, which is due to complete by Monday.    7 working days after it was submitted.    However, that is with both the receiving scheme and Phoenix using Origo.   So, no forms required.

 Forms that I'd sent 3 or 4 times still not received, 

As forms were required, this indicates that it has fallen foul of the new regulatory requirements as no forms are required in the majority of cases (basically it is administrator controlled or very rare old schemes or if they fall foul of the new consumer safety process that need forms).

Pat38493

dunstonh said:

I had a very similar experience with Phoenix Life recently. 

Depending on which Phoenix it is (as it often comes down to the legacy company), they are generally not too bad but I have a phoenix pension transfer going on at the moment, which is due to complete by Monday.    7 working days after it was submitted.    However, that is with both the receiving scheme and Phoenix using Origo.   So, no forms required.

 Forms that I'd sent 3 or 4 times still not received, 

As forms were required, this indicates that it has fallen foul of the new regulatory requirements as no forms are required in the majority of cases (basically it is administrator controlled or very rare old schemes or if they fall foul of the new consumer safety process that need forms).

What is Origo?  Is this a kind of funds transfer service?  How would we know if a pension provider uses Origo or not?