Phoenix Group Arvostelua 32

I have the misfortune to have a pension administered by Phoenix life. The Original pension was purchased when I left my first employment in 1984 and moved to another company. My original pension holder was Scottish Mutual.

During the first few years the pension grew with annual bonuses added so that by 2000 my pension was worth a guaranteed £2011 pa on maturity with a 50% pension paid to my wife should I die before her.

Due to the financial crisis in the early 2000's Scottish mutual changed from annual to maturity bonuses as they were "fairer for all pension holders who held onto their pensions to maturity."

When Phoenix purchased my pension around 2009 they then informed its customers that they would be continuing "Concentrating on final bonuses as it is the best and fairest way for ALL policyholders to benefit from the returns of with profits funds ".In future statements from Phoenix, they continue to state this and show good returns and excess cash being used to cater for downturns in the fluctuating market. (Although they always state that terminal bonuses are not guaranteed)

When my Pension matured in July 2024 Phoenix life offered me a pension of £2011 and a 50% continuation for my wife. No final bonus was applicable. In reality, my pension has not grown for 24 years. However they did say it was worth more as I was expected to LIVE LONGER.

Naturally I complained to Phoenix but made no progress. I then went to the financial ombudsman see Complaint reference PNX-5274622-MOJ1. The ombudsman upheld my complaint and adjudicated that the £200 compensation offered by Phoenix was sufficient. I will potentially lose £1000's if I live long enough and consider £200 a disgrace.

Phoenix life is doing very well thank you and are achieving record profits. I suspect from paying the bare minimum on policies and misleading customers such as myself. I am not the only one in this position as I have found a number of similar cases online. Can anyone please advise me on how best to proceed with this matter as I believe Phoenix are morally bankrupt in the way they are dealing with many of their customers. Although technically correct, as they state final bonuses are not guaranteed, they mislead customers with all good figures implying that all is well with their funds. On a final note they dropped my fund value by 25% that magically allowed me to purchase a pension of £2011 pa with 50% for my wife. What a coincidence.

Is it time for someone to investigate in detail what is going on with these pension companies that are holding onto pensioners money by using statements implying all is well. Obviously all is well with the provider but not the pensioner.

Repeated delays, inaccuracies and mistakes characterise Phoenix Life's handling of the settlement of an assurance policy following my Mother's death.

As executor of Mother's estate, Phoenix Life's claim that there are no beneficiaries and a later correction that I am not among the living beneficiaries, is wrong and distressing.

I have repeatedly complained, rather than haunting them!

Going round and round in circles with my pension with Phoenix Wealth UK no one can answer a question, query put in a in box before someone gets back to you, have to wait up to 10days to get anything actioned. Do they make things difficult on purpose!! Not very good service at all

Great brunch! Our server Courtney was fab! Great drinks, great food, great music! Will deffo come again!

If I could give zero stars I would. I took out an annuity due to the excellent rate in May 2025. Life time annuity £43031.40. Am still waiting for the policy to go live after they made a total mess of it. I got my tax free cash twice the second lot had to pay back over £147000 paid in error. They now owe me approx £6500 for June and July payments. They have told me lies after lies and just glad my IFA is fighting my corner. This is going to end up with a call to the FCA. It is now July 10th 2025 with no sign of the money hitting my bank account. Looking at the number of 1 star reviews can only assume I am not alone. They will not be getting any more business from the IFA company I am using. They are showing no respect for the customer going at snail pace. To add insult to injury I had to visit the bank to pay the money in £25000 lots. This could have been done in a oner if I had chose CHAPs as there is no limit for this payment method, but Phoenix refused to pay the £15 admin charge which I find utterly insulting given the amount I had to pay back and the effort by both myself and the cashier at the bank. If I was you just stay away from this company. They are just useless. I am an ex employee who was made redundant in January 2023.

Beware of this company ! Highly manipulative and the overall process ain't great and can never be measured with CP WEALTH.

Advance solution to desires.

Took out an ISA attached to my interest only mortgage with L&G 24 years ago. The policy is due to end and I need to pay off my mortgage. The policy was transferred to Reassure. I contacted them and requested a payout and was told they would send me forms to fill in which may take a few weeks. No forms received. Another phone call and I was sent a link to the form to fill out. Several days later I got an email to say they couldn’t release the funds on the form I had filled out and required me to fill out a payment release form and send a copy of my bank statement. This was done within an hour of getting the email and still no funds have been paid out. The ISA has lost money since I requested a payout and I will be going to the ombudsman to claim this back once I get a pay out and know how much I’ve lost due to the incompetence of this company. My mortgage company want their money and I’m not in a position to pay it until I get this payout. DISGUSTING BEHAVIOUR and causing so much distress and sleepless nights. STAY AWAY from the company and move your funds to another reputable company.

I have been with phoenix casting agent for a few years and I did write an earlier review but they did ring me explaining about casting issues so now I understand I will definitely keep using them 5 stars

They just avoid any chance of having to pay out. My policy was with Abbey life but Phoenix have taken it over. DWP told me to contact them but they want the date I took the policy out which was 40 years ago. I can't remember, my memory is not what it used to be that could be something to do with my age

Tried to cash in a small savings plan that had been part of my late mother’s estate.
Thus far, Phoenix Life have:
- insisted that I am dead
- denied receiving the original policy document (even though they have acknowledged receipt of same)
- refused to believe that our solicitors are from a genuine firm (easily checked online)
- failed to send out promised paperwork
- refused to involve a more senior member of staff
This dispute has now been ongoing for months. We are no further forwards. Buyer beware.

I have had my pensions managed by Standard Life (the original) for 15+ years. The fund performances have been excellent, service has always been prompt, professional and guidance equally so. I do not relate to any of the poor comments here whatsoever.

They claim to be the UK’s largest long-term savings and retirement business but they don't even have the resources to answer the phone. Been on hold for over an hour now listening to their brain numbing music and repetitive recording about my call being important to them. Unfit and improper management.

Won't answer the phone, or cut you off wont answer emails this has been going on since last March, whole thing is beyond a joke now - complaints hiding behind walls so you can't contact them or speak to them directly - this company is a joke.

UPDATE ........ TODAY
I RECEIVED SOME OF THE INFORMATION ITS TAKEN 4MTH TO RECEIVE AFTER
ALL THE crap thay put in the way as delays B4 thay will send you anything first thay said my NI number was wrong
I've known it for the last 55YRS OFF YHE TOP of my head updated that which took almost
3 Week's rite can I have a policy statement
please waiting
and waiting then a letter comes the NI number you provided does not match or records OMG so I uploaded that another 2weeks anyway today got the information I asked for WHICH IS ALL WRONG START DATE OF POLICY WRONG AND IAM FOAMING AT THE MOUTH NOW MY NI IS WRONG THRESE PEAPLE MUST LIVE ON ZORG THE SPECIAL PLANET FOR PENSION FRAUD AND THEFT BY DECEPTION
WELL THERE YOU GO SUCKERS ANOTHER WEEK OVER AND STILL YOU Didn't GET WHAT YOU REQUESTED NO STATEMENTS NO PAPERWORK WE SAID WAS ON ITS WAY YOU CAN TELL WEN WE ARE Lying ARE LIPS MOVE Absolutely shocking TOTAL AND UTTER LIES DAY AFTER DAY I can not find words strong enough for the way thay are makeing me feel backstreet market traders everything I have asked for has been ignored I been asking for a statement now for almost 4mth just get junk mail delay tactics IE are records show we do not hold a NI number for you ..then it's the NI number you provided dose not match or records. Am I missing something if that don't hold a NI Number how would it match so after weeks of too and Theo got that sorted then I've been asking for a retirement pack nothing everything I've asked for has been ignored I then was told on one of my many many calls I had 5 peal policies wen I asked about them and why they where there thay where deleted now if there where in my name on my account should I not have been notified B4 deleted I asked who created them still no answer in light of all this I've decided to cash out and move on Iam so so stressed with it all absolutely shocking way to run such a large company it makes my skin ITCH just to here the name phoenix that just keep putting obstacles in the way four months absolutely useless if you asked what time it was ..we will let you no in five to ten days don't bank on it

The legacy Standard Life had plethora of poor service as can be seen from the reviews. Now, it merged with Phoenix Group with huge fan fare the being a part of the large group, there would be ultimate benefits to the members. Yet, no reductions in charges. I guess, economy of scale is an alien concept to this company. Today, I discover that my contribution is not even credited following seventeenth day! Also, you would be lucky if you get response within a day or two.

Agree with majority of negative reviews and experience. I am also currently going through a horrific experience with this company. Customer service team, pension admin team and transfer team totally disjointed and blaming each other for delays. They transferred out my funds to Standard Life without authorisation.

Issued a complaint to their ceo Andy Briggs. I would encourage others to do the same. Ombudsman complaint also advisable.

Terrible company. Do not give them a penny if your hard earned cash. Unfortunately they took over my pension company and it had been a nightmare dealing with them.

Performance abysmal Do not communicate Communication appalling.
Promised withdrawal in 10 days then that withdrawals not permitted
Complaint brushed off with jargon letter.
Do not risk your money with these people they just do not care.
A lot of goo pension companies around. I found one easily move your pension as soon as you can!

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