NPI’s projection system for personal pensions has broken down, just months after similar failings with its projection system for with-profits policies.
Intelligent Pensions technical director David Trenner requested a transfer value for a client with a personal pension earlier this year.
He received a letter sent on November 22 from NPI, stating: “Due to problems with our systems we are unable to provide you with a projection.”
NPI says the fault will be fixed this month but Trenner says IFAs have been left unable to calculate transfer values on clients’ policies.
The firm’s projection system for with-profits customers broke down for several months earlier this year.
Trenner received a letter in March, saying that the firm could not provide any projections due to a problem with its systems and promising to fix the fault by the middle of the year.
Although NPI fixed the fault by July, Trenner says for months IFAs had no way of knowing whether the transfer values for customers wanting to cash in their policies were reasonable. An NPI spokesman was unable to tell Money Marketing when the problem started.
Trenner says: “They are not writing new business so there is no incentive for them to treat customers fairly. This is appalling.”
An NPI spokesman says: “We regret the problem but it is just unfortunate that this IFA encountered problems with both systems. We run our business in the best interests of our policyholders and although we have less resources for IFAs, we have sufficient resources. We are trying to move on to one system which should improve things.”