Problems with Prudential pensions.

Bogdan53

Has anyone had problems with Prudential not paying out on personal pensions? I had to wait over a year to get mine paid out, and have set up a Facebook page to gather complaints. So far there are over 300 complaints, most of them about the delaying tactics that they use not to pay up. 

Bogdan53

Facebook page has Heartbreaking reviews of their appalling customer service and disingenuous advice. What is going on?

Albermarle

Bogdan53 said:

Has anyone had problems with Prudential not paying out on personal pensions? I had to wait over a year to get mine paid out, and have set up a Facebook page to gather complaints. So far there are over 300 complaints, most of them about the delaying tactics that they use not to pay up. 

It is not really delaying tactics, it is more administrative/IT chaos. A problem they have admitted to in public, and have been handing out compensation sums to aggrieved clients.

dunstonh

Has anyone had problems with Prudential not paying out on personal pensions?

No.

<div></div><div> had to wait over a year to get mine paid out, and have set up a Facebook page to gather complaints. </div>

What was the reason?

<div></div><div>So far there are over 300 complaints, most of them about the delaying tactics that they use not to pay up.&nbsp; </div>

There are no delaying tactics.  Anyone saying that doesn't actually know what they are talking about and letting frustration get the better of them.

Facebook page has Heartbreaking reviews of their appalling customer service and disingenuous advice.

Pru do not hold permission to give advice.  So, they cannot give disingenuous advice.

I link the issues to when they outsourced.  

xylophone

https://www.telegraph.co.uk/money/pensions/news/prudential-keeps-pensioners-dark-meltdown/

mark5

No experience personally but my dad used the Pru to set up a personal pension in the 80’s along with a Prufund investment a bit later and both really paid off for him. He’s about 11 years into retirement now but i’ve never once heard him say he's had issues getting his money from them. 

OldBeanz

Squeezed £2.5k out of them by going, on a number of occasions, through their complaints procedures re LGPS AVCs. Their back office appears not to function with any coherence and they pay compensation. 

Farside71

They are using an appalling outsourcer for most of their legacy business with appalling IT and migrations to the outsourcer have gone badly.  They've paid of most of the people whom had been there years to replace them with lower paid staff.  Its an appalling state of affairs and service will be poor until the books of business eventually disappear 

jackswan

Is there a name for the Facebook page? I have a pension that matures with the Prudential in January 2025, so it might be worth reading up on some of this and decide whether I should transfer to my employers pension now.

dunstonh

 I have a pension that matures with the Prudential in January 2025

If you are age 75 in 2025 (the point that legacy Prudential pensions mature - any age less than that is not maturity) then Pru should already have been in contact with you in phases and will be in contact with you again before then.

xylophone

I have a pension that matures with the Prudential in January 2025,

What exactly do you mean by this?

For example, is it a S32 policy?

Or do you mean that in Jan 2025 you reach the age you inserted on the forms as your preferred retirement age?

With regard to a transfer to your current workplace pension, have you checked on whether a transfer in would be accepted?