Aviva has apologised after its heritage department took six months to apply a transfer value of £134,000 to a client’s pension.
The company received the transfer value in July last year but it failed to apply the transfer until January 17 this year, after it was contacted by Money Marketing.
Aviva set up the heritage department to deal with the administration of some of the firm’s legacy business. All customers and funds held by the department are managed directly by Aviva.
Aviva says the delay was due to a problem with its administration system.
Richard Jacobs Pension & Trustee Services IFA Emily Jacobs, who lodged the complaint with Aviva, says: “I am just amazed that a company such as Aviva, who we consider to be fairly reputable in the industry, can have such administrative failings.”
An Aviva spokeswoman says: “In September, our team sent a letter of apology to the client’s IFA and confirmed that the start date would be the date the payment was received. We appreciate that there has been a delay of some months in completing this transfer and we would like to apologise to Ms Jacobs and her client for the delay and the inconvenience caused.”