Published
24th May 2021
The Fund is aware of ongoing service issues with Prudential - one of the AVC providers.
The Fund has made regular contact with Prudential regarding these problems and a joint communication from all Scottish LGPS Funds was sent to the CEO of Prudential.
Despite promises of a resolution by April, Prudential continue to experience delays in the processing of member contributions and the payment of claims e.g. retirement claims/transfers out. This also means that Prudential AVC members may not see an up to date value when logging in to their online accounts and that there is currently no timescale for the issuing of AVC benefit statements.
Prudential have confirmed that any delay in the processing of contributions will not affect members’ AVC fund values as contributions will be backdated to the original date that they were received by Prudential.
Due to the lack of progress by Prudential in resolving these issues, Falkirk Council Pension Fund has now raised its concerns directly with the CEO of Prudential and also with the Pensions Regulator.
The Fund will provide a further update when available. In the meantime, any member concerns should be raised directly with Prudential (contact details below).
Phone - 0345 600 0343
Email - AVC.Admin@prudential.co.uk (emailing should be done via Prudential’s secure email facility - visit https://www.pru.co.uk/contact-us/send-a-secure-email/ for more info)
Please note - Prudential have advised that their Direct Messaging facility (accessed via online accounts) may produce a quicker response than emailing.
