Reassure Now pension funds almost wiped out

artyboy

If this was me, I'd already have a clear view of what investments I had, how many units, and what the unit price was. But then I look at my investments frequently - I wonder if the issue is

- mispricing fund units
- misstating fund unit quantity
- completely missing out certain funds

or a mix of the three - it needs someone on here to comment that actually paid attention to their holdings before the issue started. Although if it's just mispricing, anyone should be able to validate that for themselves against a different data source...

dunstonh

There is a known issue with their portal at the moment.  It's just a front end issue and does not impact on the backend.  

Nacer1

Hi, may I add that the company have taken money off  my pot for  Market Value Reductions (MVRs) ? are they allowed to proceed before informing us? I think that is when the problem occured.

According to Reassure:

Market Value Reductions (MVRs) are a way of making sure customers invested in a with-profits fund don't lose out when others leave it. We may deduct an MVR at any time except for if you die or at maturity or your originally selected retirement date

dunstonh

Hi, may I add that the company have taken money off  my pot for  Market Value Reductions (MVRs) ? are they allowed to proceed before informing us? I think that is when the problem occured.

MVRs are not required to be notified personally.   It is part of the daily movements that can occur when investing.

Plans with MVRs come from a different era when personal technology was almost non-existent.    A number of providers have had issues trying to shoehorn legacy products into modern systems with varying degrees of success. Quirks and issues are not uncommon until a solution is found. In some cases, a bodged fix and sometimes they remove those policies fully from online portals.

Novision

Sorry to disappoint those saying it's just an IT error, but I am in the process of transferring out of Reassure (started in Feb and still ongoing) and they have "offered" me a valuation c12% below what their system shows. In real money.

 They have also quoted me various valuations more than 35k apart from high to low over the last few weeks. They are a complete inept bunch. They also "lost" half my pot when I moved it into drawdown although they eventually found it again after 6 months.... It's meant to be units x price = value! I would not leave my money with them.