Prudential Endowment Plan Mature Payment Issue

MrsWA

Yes we are having major issues…. Policy matured 16th July. Numerous calls & complaint logged…. No one seems to be able to update on the exact problem apart from “system issue”.
yesterday said “system issue” was resolved however still no one able to update us on what is going on and when payment is due. 

What an absolute joke! I understand some people are starting up get paid out now is that correct??? 

BillBob9

Question to anyone who's got a endowment maturing this year, did anyone get a decent increase in there policy value from the recent bonus declaration from the Pru?

dunstonh

BillBob9 said:

Question to anyone who's got a endowment maturing this year, did anyone get a decent increase in there policy value from the recent bonus declaration from the Pru?

Final bonuses don't jump on maturity unless you have a conventional with profits plan where the final bonus is set at maturity.  For the rest, final bonuses accrue as you go along.  i.e., you can see whatever the final bonus is daily throughout the policy.

BillBob9

Reason i asked is that the Pru announced additional monies being shared amongst some policy holders this bonus declaration, the policy i had was on the list, when they last shared additional monies my policy value increased vastly, however on this occasion hardly notice any increase in my maturity value on the annual statement i received in the post. However, my estimated online value has increased vastly but Pru saying its a system error. 

marktammo

Having exactly the same issue. Been almost 3 weeks now after maturity. No one is able to give me any info other than they have system issues. Of which they a were none whenever I paid them money over 300 months. Have lodged complaint but that’s an 8 week lead time. Now causing issues with mortgage renewal meaning I now won’t be able to pay off some of the mortgage without redemption penalties. Not really sure what to do next. It’s totally pointless calling them as I have spoken to them about 6 or 7 times already and numerous messages sent. Pretty disgraceful behaviour from the Pru….wont ever be using them again.  

BillBob9

I raised a complaint when i first asked about the online estimated value being vastly different to my annual statement, the Pru told me the correct maturity value (maturity date 1st Sept) was the lower value on my statement and the system issue online was inflating the value. I was told my maturity value on the annual statement was the same as if i surrendered the policy on the 1st April this year, I questioned this as i still had premiums to pay. In the end I surrendered my policy on the 30th July, (got the full maturity value, all premiums paid for May to Aug refunded, 8% interest on the maturity value from April to 30th July, plus compensation. Was told the money would be in my bank by today, nothing come through yet, if its not there tomorrow morning will raise a further complaint. 

surinterry

I'm having the same problem cashing in an endowment policy. I have been waiting 10 weeks now. How do I complain?