Pru system error causes lengthy delay to client's pension withdrawal

Could be two months to complete payment

Sophie King
clock • 2 min read

Prudential has frustrated a financial adviser and his client after the life giant revealed it would take two months to process a pension withdrawal because of system issues, Professional Adviser has been told.

Financial adviser Joseph Bacon - who preferred not to reveal the name of his firm - told PA a client of his holds a pension in the Prudential Flexible Retirement Plan, which was discontinued a couple of years ago. The client requested to take money out, which she said she needed as soon as possible. Bacon said he rang Prudential last Tuesday (15 October) to request the form to withdraw money, only to be told it would take some time to receive it.  According to Bacon, Prudential cited "system issues for which they are unable to provide forms for clients to withdraw monies from their pe...

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