Abbey Life Insurance Review

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0.6 stars
Average rating for this product is: 0.6 out of 5

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JWilliam's Review of Abbey Life Insurance

28th Sep 2007

Overall Rating

1 stars
  • Value for money
    1 stars
  • Cusomer Service
    0.5 stars
Good Points

Complaints procedure appears to be very good. Probably well practised! The written reply to my verbal complaint arrived 48 hours after the telephone call. This was the one and only good point.


Bad Points

Zero communication. Incredibly slow to act. Having had a pension with them since 1985 I find it incredible that they write to me asking me to confirm my date of birth thereby delaying settlement of my pension by as further 10 days! Very expensive for me as Northern Rock had just happened.


General Comments

I have had a fund since 1985 worth £125,000. I accepted the £4000 penalty for retiring early but wanted the pension to start in early July just after my birthday. By the time I received my 25% tax free on September 14th the fund had dropped in value to £114,000!
Letter1. " Please confirm your date of birth" written 7/8th August received by me on my return from holiday 17th August.
Letter 2. " We need two directors signatures to authorise payment" received 28th August. My wife and I signed and returned immediately.
My IFA also requested to confirm my income for last tax year. Now I am £8,000 out of pocket including £2000 which is part of my tax free allowance. Absolutely no communication to advise revised fund or annuity. In fact I only knew they had paid me when it appeared on my bank statement. Really poor customer relations.

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