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IFA says Pru admin crisis hitting pensions

The crisis appears to be growing at the Prudential, with reports emerging that the admin problems are extending beyond protection to its pension business as well.

One IFA claims that one of her advisers was told the life office has diverted its pension admin staff to sort out the protection problems, leaving them unable to provide projection figures for a pension case.

Moira Kennedy of Alpha Financial Services said the adviser was told they could not have this information because everyone was busy sorting out its protection business.

The firm is still waiting for the projection letter.

The news comes just a week after the Pru told IFAs that it is increasing its critical-illness cover premiums by as much as 40 per cent and removing guarantees on premiums both to new applications and those still in the pipeline.

It will be seen by advisers as evidence that the admin problems at the company run deeper than it has been willing to admit.

The Prudential denies the claims, saying service remains the same in all other product areas.

Spokesman Darragh Leeson says: “The same resource is being spent on other product areas, as it was before last week&#39s announcement.

Alpha Financial Consultants technical manager Moira Kennedy says: “The Prudential cannot use the excuse of having to deal with protection when it comes to pension business inquiries. “There are obviously more problems internally that we are not aware of.”


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