Property News · April 20, 2016

Friends Life cut my pension by half, then failed to sort it out


I’ve received a lump sum, but nothing else since NovemberSome £16,000 of the contributions I paid into my Friends Life pension for 20 years appears to have disappeared. In November I filled in the forms to cash in the pension. I opted for a lump sum of £5,483.48 and an annuity of £655. I received the lump sum but discovered that Friends Life was paying a pension of only £31.72 a month. The company admitted it had mistakenly given me an annuity of £331.56, half of what I was entitled to.After my complaint I received a letter confirming that my annuity was now set up for the correct sum starting from November. Since then I have received nothing. Dealing with Friends Life makes the wannabe annuity holder feel a little like Kafka’s Josef K, (only without the aid of his assistants); it is a world where no one will give out an email address, surnames are given reluctantly, there is a “15-day turnaround” for sorting out my annuity (if only) and complaints take “up to eight weeks” to deal with. PM, London Continue reading…

Source : theguardian.com
Read more…Friends Life cut my pension by half, then failed to sort it out

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