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  • FIRST POST
    • 000145
    • By 000145 9th Mar 18, 9:54 AM
    • 8Posts
    • 1Thanks
    000145
    Prudential Deferred Annuity Pension
    • #1
    • 9th Mar 18, 9:54 AM
    Prudential Deferred Annuity Pension 9th Mar 18 at 9:54 AM
    I am having problems with the Prudential not giving me information at the very point I need it! I have a deferred annuity pension. I am looking to take it 5 years early. I have received 3 guaranteed quotes in the last 18 months. The numbers in the first two were looking good and increased by 5% in less than a year. Then at the very point I want to take my pension the third quote is now suddenly down by 20%! I queried this and was told that they have revised the basis of the calculation and that the new numbers were correct. They will not provide any detail to back up this story saying that the numbers are commercially sensitive. I have now referred it to the FO who are investigating.

    I do understand that the pension at payout is calculated from various escalation factors and an early retirement value needs to take into account factors such as interest rates, inflation, mortality rates etc. However I am struggling to appreciate which factor or factors could have changed by 20% in only 6 months since the last quote. Prudential will not tell me!
Page 1
    • Brynsam
    • By Brynsam 9th Mar 18, 10:45 AM
    • 916 Posts
    • 602 Thanks
    Brynsam
    • #2
    • 9th Mar 18, 10:45 AM
    • #2
    • 9th Mar 18, 10:45 AM
    Are your quotes on a 'like for like' basis - i.e. all based on taking your pension about now, 5 years early, or were the previous 2 based on taking it at 65 (or whatever age it becomes payable)?
    • 000145
    • By 000145 9th Mar 18, 9:50 PM
    • 8 Posts
    • 1 Thanks
    000145
    • #3
    • 9th Mar 18, 9:50 PM
    • #3
    • 9th Mar 18, 9:50 PM
    The previous quotes were for taking the pension at the time. So all things being equal the pension should have risen!
    • xylophone
    • By xylophone 10th Mar 18, 5:08 PM
    • 25,371 Posts
    • 14,967 Thanks
    xylophone
    • #4
    • 10th Mar 18, 5:08 PM
    • #4
    • 10th Mar 18, 5:08 PM
    http://citywire.co.uk/new-model-adviser/news/ouch-prudential-realigns-retirement-annuity-contracts/a337597

    The Pru has "form" for "realignment"?
    • forzarobur
    • By forzarobur 5th Apr 18, 10:17 AM
    • 13 Posts
    • 0 Thanks
    forzarobur
    • #5
    • 5th Apr 18, 10:17 AM
    I know how you feel
    • #5
    • 5th Apr 18, 10:17 AM
    Hi there,
    I have exactly the same policy. I was 65 in November 2017, asked for a valuation plus final bonuses in July 2017. Pru would not tell me, after two letters and many phone calls, was told in September bonuses were ZERO.
    Referred to FOS, found out last week they have found in favour of Prudential.
    Reason being "Prudential have done nothing illegal"
    The FOS have no knowledge of how your policy works and will tell you what Prudential tell them.
    I am sorry to be the bearer of such unfair news but as my IFA says, these companies will run you round in circles.
    If you look on the FOS website my case decision is published (I am Mr.E).
    I would love to get enough of us together to take further action. Let`s wait and see.
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