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NPI blunder doubled 12,000 pension projections

Around 12,000 NPI pension policyholders received annual projections twice their actual value after a system error doubled up guaranteed yearly pension and annual bonus figures.

Policyholders were sent the projections between March 16 and April 13 this year. They were sent the correct information and told there had been a mistake in a letter dated May 12.

The letter stated: “Due to a temporary system issue, projection rates for some NPI pension policies have been overinflated, which has affected the annual update mailing. As soon as we became aware that projection values were incorrect, we halted the mailing to ensure that we were not mailing customers with incorrect information.”

One customer’s guaranteed yearly pension was stated as £7,500 when the value was £3,700 and the annual bonus figure as £7,800 instead of £4,100.

NPI attributed the errors to a new computer system and said it received no complaints about the matter.

An NPI spokeswoman says: “We apologise and acknowledge that there was a mistake which was resolved as soon as it was noticed. This will not happen again.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Richard Jenkinson 23rd June 2011 at 10:33 am

    Same company that continues to heavily penalise with profit policyholders with huge reductions if you wish to cash in your policy.

  2. ‘they had overinflated pension projections’ So are they admitting that they normally inflate their projections?!

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