Reassure Now pension funds almost wiped out

welshfella23

Anyone else having issue with the Reassure Now pension supplier?
Reassure Now have wiped over 50% off the value of my pension fund.
Over the phone they told me it's just an IT error and would be fixed soon.
So I requested a 'paper' update via post with the correct fund value.
Today I got the letter, and the value therein is still less than half that was there last week.
I have stopped working (I am 64), am not receiving any benefits and was about to start claiming my private pension o my 65 birthday.
I am now concerned about what will happen to my funds.
Should I be taking legal advice here?

AlanP_2

If it is an IT issue, which it most probably is, then just be patient as it will be resolved.

I can't conceivably see how it could have lost 50% in a week when world markets have generally gone up 

Marcon

welshfella23 said:

Anyone else having issue with the Reassure Now pension supplier?
Reassure Now have wiped over 50% off the value of my pension fund.
Over the phone they told me it's just an IT error and would be fixed soon.
So I requested a 'paper' update via post with the correct fund value.
Today I got the letter, and the value therein is still less than half that was there last week.
I have stopped working (I am 64), am not receiving any benefits and was about to start claiming my private pension o my 65 birthday.
I am now concerned about what will happen to my funds.
Should I be taking legal advice here?

No. You don't need a lawyer.

IT errors are rarely a quick fix, so just waiting for a few weeks to see what happens is your best (if frustrating) course of action. 

If things aren't resolved, a formal complaint to the provider is your next step - and if that doesn't crack it, then on to the Pensions Ombudsman (not the Financial Services Ombudsman) with a complaint of maladministration.

welshfella23

The fact that I can't get through to them on the phone does have me worried.
I had over £200,000 in my pension and now it's down to £97,000

xylophone

If it is an IT issue, which it most probably is, 

It seems from the post above that the OP has been advised by phone that there is an IT error.

I notice that today there is a message on the Reassure Now site.

We’re currently experiencing technical issues with our systems. We’re working to fix this as quickly as possible.

Our telephone lines may be busier than normal due to these issues and it’s likely to take longer for you to get through to us by phone.

Most customers can find what they need from our Help Centre. You can request policy information, tell us about a change of address, notify us about the death of a policyholder and more using our simple online request forms.

He mentions that he has had a letter concerning the pension but I assume that the information in the letter is only as good as the system from which it is taken?

"Computer says....."?

2nd_time_buyer

The name of the company is somewhat ironic.

BIG_T1309

Hi I am in the same position discovered things were not right on the 15th Jan well over 60-70 percent wiped off pot value. The web site had been down for maintenance on the 13th Jan  two days later a large amount of money taken off my valuation. Contacted the call centre which apologised for I T error  I asked  for a current valuation which I got a few days later  via email after being told  to wait 10-15 working days initially I got a reply a few days  later in what turned out to  be a widely off the mark valuation and this was quoted as the confirmed total. 
web site still  down and still very concerned 

400ixl

Provided they have not sold the stocks your pension is invested in, then you have not lost any value (other than the trading value of the share which may have gone down or up).

Sounds like they have an IT issue which is not reporting correctly all of the investments associated with your account. As such a print out will likely say the same as the online view as they come through the same IT platforms.

The relevant question to them is whether you are still invested in the way that you believe you are.

SVaz

Have you recently sold funds to cash in preparation for taking an income or is the cash already in place and that’s what’s ‘missing’? 

BIG_T1309

Hi all I have not approached reassure to do anything with my investment which I assume they cannot do without me giving permission. 
reassured I’m not at the moment 

Nacer1

Same here.An email was sent to me confirming there is an internal system issue with some funds showing on ReAssure Now. but the fund value stated in the email is £20,000 down on the real funds value.I now noticed that the website is back on, but the current value stated is still wrong.