Phoenix Life is reviewing the pricing of the majority of its pension funds after a rounding anomaly in some of its life products was pointed out by a retired IFA.
The closed life fund consolidator said it will inform policyholders of any pricing adjustment and will reimburse them retrospectively. However, it added that it reserves the right to disregard the terms and conditions of savers' contracts if it thinks it is "what's right for policyholders". The review will include those savers who have already drawn their pension in the form of an annuity or drawdown but it is unclear how far back Phoenix will go in reviewing the policies. Phoenix changed the bid-offer spread on 27 life funds in September last year after analysis by a retired advis...
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