Reassure Phoenix Standard Life Stalling on pension claims

VictorMeldrew3rd

Three months in advance of my pension maturity date (70th birthday) i put in an application to Reassure for my 3 separate S226 old Guardian pensions with "a very valuable guarantee" apparently called GMP to discover after 7 months the staff dealing with me are not trained in S226 or GAR's & GMP pensions.

As a result i was misinformed, worse still miss guided into making wrong decisions by unqualified staff.

Initially not accepting the 25% tax free cash, but also adding my partner (12 years younger) as joint lifetime annuitant with a ten year guarantee.

within 30 day cooling off period having discovered the error i contacted Reassure to cancel the annuities that had started , and have them instead pay me out the 25% tax free cash that i was entitled to, and recommence the pensions as joint lifetime annuities.

First failing, the first payments arrived 4 months after my pension date (70th birthday)

Second failed outcome, the pension documents state that my partner only gets 50% of my annual pension commencing one month after my death. (paid for 100%)

Third failing, the member of staff cancelling my policies went of work on what appears to be sickness, resulting in 4 months payments, taking me outside the 30 day cooling off period.

Fourth failing, demanding i re pay the 4 months received, and informing me it could take MANY MONTHS before the monies were returned (from internal same ownership pension provide) and subsequently many months before i would start receiving pension payments

Ombudsman informed in April, and looks like will be at least a year before my case gets actioned.

There is a forum with 1400 members with similar situations all trying to get resolution.

Martin Lewis please on behalf of 1400 others could you have a look

Marcon

Three months in advance of my pension maturity date (70th birthday) i put in an application to Reassure for my 3 separate S226 old Guardian pensions with "a very valuable guarantee" apparently called GMP to discover after 7 months the staff dealing with me are not trained in S226 or GAR's & GMP pensions.

A S226 policy can't have a GMP.

FIREDreamer

https://forums.moneysavingexpert.com/discussion/comment/82189568#Comment_82189568

Maybe it’s a section 32 buy out with GMP?

DRS1

So the OP may have got his GAR mixed up with his GMP or his s226 mixed up with a s32.

Marcon

Or a S226 with a GAR?

Either way, OP seems to have relied (possibly too heavily) on the provider, instead of taking advice from a regulated adviser. I appreciate we can all be wise after the event, but with 3 different S226 policies, possibly each offering different contract terms, that would have been no bad idea.

DRS1

As a result i was misinformed, worse still miss guided into making wrong decisions by unqualified staff.

They can't give you advice. No matter how well trained they might be. If you needed advice on what to do you should have asked an IFA (which would have cost you money).

Marcon

https://forums.moneysavingexpert.com/discussion/comment/82189575#Comment_82189575

With a maturity date of age 70, and 3 policies, it's highly unlikely to be a collection of S32 buy out policies.

VictorMeldrew3rd

https://forums.moneysavingexpert.com/discussion/comment/82189583#Comment_82189583

In ReassureNow portal it states S226 pension, and various members of staff during my 8 hours of phone calls have told me all sorts of things that to an uneducated craftsman meant nothing.

The wording clearly state " taking your pension with any other supplier you will loose your very valuable guarantee"

The phone staff also told me Reassure no longer provide annuity pensions, and referred me to LV

LV referred me back to reassure telling me no open market provider could match Reassures pension offering, so i spoke to 2 x I F Advisers who both told me that they would not consider it in my best interest to charge me for their services as they would not be able to provide me any better advice than take the annuity with reassure, because they both said no other provider would match reassuer, and it was because of the guarantee

DRS1

within 30 day cooling off period having discovered the error i contacted Reassure to cancel the annuities that had started , and have them instead pay me out the 25% tax free cash that i was entitled to, and recommence the pensions as joint lifetime annuities.

Third failing, the member of staff cancelling my policies went of work on what appears to be sickness, resulting in 4 months payments, taking me outside the 30 day cooling off period.

I would have thought the key date was when you notified the insurer you were cancelling.

VictorMeldrew3rd

Originally taken out with Guardian Royal states S226 on the doccument

Reassure bought it out many years ago, never had an issue until i started to make my claim

between 2020 and 2026 they roughly trippled in value

VictorMeldrew3rd

You are most likely correct, the entire process has been gobledegoop to me.

But it clearly states somewhere guaranteed minium pension