Prudential huge mistake who's accountable...

Bostonerimus1

Given the OP's reaction to requests for more information I feel a bit sorry for the reps at Prudential.

Francesco28

I completely understand that people want to secure every penny,not pay excessive tax etc;....for me the hmrc are taking back their 20% they have topped up for me over 37 years...it doesnt really concern me at all the tax i have had deducted, Prudential told me i can claim some back i never done this before so will see how the claim goes...Even Martin Lewis states you can fill this p53z form in....

Francesco28

Bostonerimus1 said:

Given the OP's reaction to requests for more information I feel a bit sorry for the reps at Prudential.

Ye don't feel sorry for the prudential reps...Have two complaints on the go...They dont understand even now i cant view online what my pension value was ...not seen it ever online i have to request a valuation takes 3 weeks...They dont call you back when promised time, they dont post out important forms for me to sign, The rep even said they would post fastest possible my release of funds letter....still never received it....Im actually glad they dont have the money anymore quite happy to be leaving....Obviously you all know more than me thats just fine, Im happy and gonna be a good end of year....

QrizB

Francesco28 said:

for me the hmrc are taking back their 20% they have topped up for me over 37 years.

How big was your pot before tax? Do you have a record?

Have you had any other income this year?

Francesco28

Yes im working still 4 day week...just turned 55...
Id rather not say total pot but yes have records in letter form from Pru...it increased a lot the last few months so after receiving my retirement options pack stating a amount of money it was a lot so decided to take the pot less tax...daughters just bought first house wife needs hip operation,then a week before i receive monies they backtrack and say oh theres a mistake...a over amount in pot of 123k....
So quite honestly im glad im out of it....how do i even know whats going on...take my funds and leave the Pru

Aretnap

Francesco28 said:

I completely understand that people want to secure every penny,not pay excessive tax etc;....for me the hmrc are taking back their 20% they have topped up for me over 37 years...it doesnt really concern me at all the tax i have had deducted, Prudential told me i can claim some back i never done this before so will see how the claim goes...Even Martin Lewis states you can fill this p53z form in....

If the pension is more than about £67K (less than that if you have other income this year) it will be more than 20% tax. Potentially a lot more if it's a large pension. And you won't be able to claim it back.

Aretnap

AlanP_2 said:

...apart from the Chancellor nobody else will thank you.

Dunno, as a taxpayer and as a user of public services I'm also strongly in favour of other people paying more tax than they need to.

comeandgo

Francesco28 said:

I completely understand that people want to secure every penny,not pay excessive tax etc;....for me the hmrc are taking back their 20% they have topped up for me over 37 years...it doesnt really concern me at all the tax i have had deducted, Prudential told me i can claim some back i never done this before so will see how the claim goes...Even Martin Lewis states you can fill this p53z form in....

Prudential are not tax advisors, you still think you should rely on what they have told you after all the evidence you have that they are inept and untrustworthy?

Ciprico

Depending on size of your pension you could end up really losing £120k rather than £120k you never actually had.

That will really give you sleepless nights when you see the tax you unnecessarily paid, which can cannot claim back

If you can reverse the withdrawal you should.

And get advice, if not from strangers on here, from pension wise or citizens advice...

Keep_pedalling

If you can you should certainly stop this until you are aware of how much you are going to chuck away, please take professional advice for you loved ones sake if not for your own.