Phoenix Life under fire in new MVR controversy

Despite an eleventh hour u-turn by the insurer following pressure from Professional Adviser, its decision to waive the MVR was too late for the customer to take his desired retirement option with James Hay. As the decision was taken so late in the day, the provider was unable to process the transfer in time as it usually takes at least 24 hours. The case has again raised concerns about whether MVRs penalise customers who do not want to use their with-profits pensions to buy conventional annuities at age 75. Peter James, a directly-authorised adviser with Devon-based Trust Consultin...