Important Information about Prudential AVCs
If you have Additional Voluntary Contributions (AVCs) with our in-house AVC provider Prudential, you should be aware that they have been experiencing significant service issues since the start of the year as a result of the introduction of their new administration system. These issues continue to impact on Prudential’s service standards, including long delays in the processing of member contributions and the payment of retirement claims and transfers out of the scheme.
This means that you may not see an up-to-date value when logging in to your online account, however please be assured that the contributions deducted from your pay have been paid over, and all payments will be backdated and applied to your account from the date that the funds were originally received by Prudential. Due to these significant delays, Prudential has indicated that this year’s AVC annual benefit statements will be delayed by approximately 8 weeks.
If you have any questions or concerns about these issues you should raise them directly with Prudential on 0345 600 0343 - please be prepared for a long wait to get through when calling - or alternatively you may get a quicker response via their Direct Messaging system which you can access through your online account.
You may also be able to find answers to your questions on their website.
We understand that this is an unpleasant situation, but unfortunately these delays are beyond our control. Prudential has assured us that they are doing everything they can to resolve these problems, including working through a service recovery plan to bring their service levels back to their usual standard, and recruiting new staff members to assist with remedying the situation as quickly as possible. However, given the large scale and long duration of these issues the Pensions Regulator has been made aware of the situation.