Axa subsidiary PPP Lifetime Care has been inc-orrectly calculating the annual indexation on an immediate funding long-term care policy.
Cooper Johnston Associates director Peter Cooper wrote to PPP after discovering the error which resul-ted in a benefit payment to his client being reduced by about £150 after four years of contributions.
PPP has paid the client £250 compensation but Cooper says he has not been told whether other policies are affected.
PPP long-term care marketing manager Brian Fisher says the error was made because its computer system rounds contributions down to the nearest pound. He says PPP will not under-take a wholesale review.
Cooper says:. “We have had no assurance that this was a one-off.”
Fisher says: “We are bringing in a new system next year and we are having a revamp.”