getting money out of a pension company

flh801978 · 15 Jun 2015

I have a small private pension with Prudential

I decided to take it as it wasn't amounting to much
I rang them up on the 8th of april..person over the phone gave me a figure and I said ok send me the paperwork
It took a long time to come 10 days
Returned paper work asap expecting cheque shortly
They have broken promised payment date now 4 times
every time i ring they say theres been a delay and it will be another 5 working days
Its now 15th June so nearly 2 months after they got paperwork back and they are saying another 5 days plus 2nd class post so the 26th before theres any point in me ringing again to chase

All their letters say " Experts at looking after your money" they sure are...

Has anyone else had similar problems or are my expectations too high?

Ian

artie · 15 Jun 2015

First, and it's probably too late now, but you should have shopped around.

Just because your plan is with prudential you don't have to "buy" your annuity from them.

Legal and general was the best I could find a few years ago.

Having said that they still stiffed me in a few grand, saying rates have changed between quote and cash out.

I complained but got fobbed off.

Hindsight is always 20/20 I know. But I would not consider a private pension ever.

edit to say none of that rant answered your question, so, imo you are at their mercy.

flh801978 · 15 Jun 2015

I wasnt buying an annuity just cashing it as the new rules as i am over 55
I was giving most of it to daughter as a deposit for a first home

Mike.S · 15 Jun 2015

Your expectations aren't too high. Suggest you make a formal complaint about the delay and ask for compensation for the expense incurred and inconvenience caused (explain what the money's for and seek a sum to include your phone/postage costs). If no joy after aanother 8 weeks refer your complaint to the Financial Ombudsman Service.

artie · 15 Jun 2015

flh801978":27lh6t6m said:
I wasnt buying an annuity just cashing it as the new rules as i am over 55

I see.

woodpig · 15 Jun 2015

You are not alone but in fairness pension companies have been put in a position they weren't expecting by our Polititians. There are thousands of people drawing money out and some companies are struggling to keep up.
We both have pensions with the Pru and have been fully kept up to date by them and are expecting a cheque very soon for one of ours. I personally don't think your wait has been excessive.

It is surprising how many folks are putting themselves in a position to be paying large tax bills on their "windfall".
It all helps the Exchequer I suppose but they won't be getting any tax from me!