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Phoenix downplays impact of tech upgrade issues

Tablet-Technology-Computer-Business-700x450.jpgPhoenix Group has downplayed the impact of an IT upgrade in its adviser arm, which clients say has led to issues with receiving pension payments.

The provider is currently running a systems upgrade as part of the integration of Axa Wealth’s pensions and protection businesses it acquired in August 2017.

However, customers who have experienced problems during the upgrade have posted comments online about their frustration with the provider.

In April, a number of customers posted their complaints on a chat forum.

One commenter said Phoenix Wealth admitted on the phone it had not been able to pay pensions to approximately 44,000 former Axa Wealth pension holders.

When Money Marketing asked Phoenix Group about this claim it says “this is not true” as “the issue with the systems upgrade is only impacting a relatively small population of customers”.

Phoenix Group was unable to provide a figure of the total value of pensions that have not been paid but reiterates “it is a relatively small population of customers that have been impacted”.

It says the issue that started in March with the systems upgrade is not impacting customers outside of Phoenix Wealth.

A Phoenix Group spokesman says: “Each case is receiving individual attention to determine why the payment has not been made when expected and urgent solutions are being put in place to resolve this.

“We will ensure there is no financial detriment suffered by impacted customers. We apologise to impacted customers and their IFAs for any inconvenience caused.”


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

  1. GRAHAM MCINTYRE 5th June 2018 at 3:03 pm

    They cannot even find my client’s split of uncrystallised/crystallised funds within his SIPP, this has now held up his withdrawal for over 2 weeks.

    Simply not good enough.

  2. Awaiting for a client projected fund to SRA since Early April say that system updates have not been successful

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