Posted by Chris A Brown at 23/03/2021 14:21:27
Prudential are aware that their current AVC service performance is not meeting expectations and have confirmed that this is causing delays to their telephony response times, and the investment of scheme member contributions and paying out claims.
Whilst Prudential are working hard to resolve the delays and apologise for the inconvenience caused, when AVC claims are not paid in a timely manner, this can directly affect the payment of Local Government Pension Scheme benefits to our members with an AVC fund.
How does this affect my contributions?
Prudential have confirmed that any delay in the processing of contributions will not affect your money. Contributions will be backdated to the original date that they were received by them.
The delays may mean that you won’t be able to see an up to date figure when you log in to your Prudential online account. This will be resolved when your contributions are processed.
Your contributions have not been lost and will be processed as quickly as possible by Prudential.
How does this affect making a claim?
Prudential have had delays in issuing claims but have provided reassurance claims will be paid and there is no problem with their ability to pay.
However, the delays do mean that you may have to wait longer for your retirement or transfer claim to be completed, and this may also directly affect the payment of your Local Government Pension Scheme benefits from East Riding Pension Fund.
Telephony response times
Unfortunately, Prudential have also reported delays with their telephony response times and there have been longer than normal wait times for scheme members to speak to them.
You can find more information from Prudential, including a customer service update, at www.pru.co.uk
and details of alternative methods for contacting Prudential can be found at www.pru.co.uk/contact-us