Prudential Thematic Annuities Review

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parcival
parcival Posts: 949 Forumite
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in Pensions, annuities & retirement planning
Mrs Parcival had a letter from the Pru in June requesting completion of a medical questionnaire relating to the potential error in her annuity payment.
The Pru indicated this review would take up to 6 weeks.

Well 9 weeks on they have now sent another letter asking medical questions about the joint annuitant - me. They are sorry that this was not included with Mrs Parcivals questionnaire but that the review should take another 6 weeks.

Anyone had similar with the Pru or anyone had any compensation as I read that about 200,000 of the Pru's annuity customers are being reviewed for the potential of a missale?
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  • SonOf
    SonOf Posts: 2,631 Forumite
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    Yes. We have seen several compensation payouts from Pru and all of them are lucky rather than any explicit wrongdoing by Pru.

    Enhanced terms dont have to be only on the annuitant. If the spouse is included on the annuity, then enhanced terms can apply if the spouse has conditions that qualify for enhanced terms.
  • Jansy
    Jansy Posts: 1 Newbie
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    Hi, i am in similar position, i received medical/lifestyle questionaires from Prudential in early July, now 9 weeks later & still no further forward, few complaints raised in between due to the handling of the review... i have searched various sites to see if any 1 has been lucky enough to receive either historic annuity payments & or compensation... but have found no 1 that has....
  • parcival
    parcival Posts: 949 Forumite
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    We even sent them a secure email via the MyPru system - it has been ignored - shoddy behaviour.
  • Malthusian
    Malthusian Posts: 10,941 Forumite
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    People who do successfully claim compensation often don't post about it.

    As of August Prudential still don't know how much they are going to pay out which suggests a lot of complaints are still going through.

    Prudential must issue a final response to your complaint within eight weeks, after which you can go to the Ombudsman if you are not satisfied.
  • SonOf
    SonOf Posts: 2,631 Forumite
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    i have searched various sites to see if any 1 has been lucky enough to receive either historic annuity payments & or compensation... but have found no 1 that has....

    Post #2 confirms they have.

    These reviews often take a number of years and are reviewed in segments at a time to control the workload and there is a priority system. Deceased clients, for example, would be expected to be a higher priority than those alive. Indeed, we are now at least 2 years into this review.
    We even sent them a secure email via the MyPru system - it has been ignored - shoddy behaviour.

    How do you know it is being ignored? - it may have been passed on.
    My understanding is that review, as it was requested by the FCA, means that it is likely to be carried out by a third party and not Pru staff. Normally, the staff of the firm are not allowed to interfere with the review.
  • parcival
    parcival Posts: 949 Forumite
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    It was the Pru who set the expectation that a decision would take 5 or 6 weeks and they said that they would advise us if it was going to take longer.

    How they do it and who they employ to do it is of no concern to me. It was them that set the timeframe / communication expectation.
  • confused57
    confused57 Posts: 587 Forumite
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    I hope this is on the correct thread!!

    I have just received a letter from Prudential telling me that they did not pay my late husband enough income from his annuity. I am confused (not unusual) because I can’t remember him having an annuity. He did have a small frozen pension that he cashed in when he was diagnosed as terminal. I can’t remember much about it but I do remember receiving about £70 a month for about a year after his death in 2014.

    The letter states that my husband’s medical/lifestyle information was type II diabetes and that he was a smoker - none of this is true. Also the annuity reference on the letter is one digit less than one I have found on a prudential letter dated April 2015.

    I’m sure you’re bored of reading this very long post now but if you haven’t lost the will to live I would value any thoughts you might have.

    TIA
  • SonOf
    SonOf Posts: 2,631 Forumite
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    The letter states that my husband’s medical/lifestyle information was type II diabetes and that he was a smoker - none of this is true.

    That is the normal assumption when the policyholder is deceased. They are doing it with other cases as well. In most of those, it will lead to outcome that will give you more even if technically, they didnt make a mistake.
  • confused57
    confused57 Posts: 587 Forumite
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    Thank you for that information. Would you advise me to accept the offer.
  • SonOf
    SonOf Posts: 2,631 Forumite
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    confused57 wrote: »
    Thank you for that information. Would you advise me to accept the offer.

    You really have nothing to lose from this. Only if your late-husband's health was worse than that at the point of sale, would the figure be any higher.
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