Prudential AVC investment delays

There have been ongoing national issues with the Fund’s Additional Voluntary Contribution (AVC) providers, Prudential, and their service delivery standards.

A statement from Prudential has confirmed the following:

If you currently pay into an Additional Voluntary Contributions (AVC) plan with Prudential or have done so in the past, please be aware they are currently experiencing delays in the processing of contributions and paying out claims. Prudential are working hard to resolve the delays and apologise for the inconvenience caused.

How does this affect my contributions?

Prudential have confirmed that any delay in the processing of contributions will not affect your money. Contributions will be backdated to the original date that they were received by them. The delays may mean that you won’t be able to see an up to date figure when you log in to your Prudential online account. This will be resolved when your contributions are processed. Your contributions have not been lost and will be processed as quickly as possible by Prudential.

How does this affect making a claim?

Prudential have had delays in issuing claims but have provided reassurance claims will be paid and there is no problem with their ability to pay. However, the delays do mean that you may have to wait longer for your retirement or transfer claim to be completed.

These issues will have an affect on Prudential’s ability to produce this year’s AVC benefit statements and they will be issued later than usual.

We continue to monitor the situation and engage with Prudential.