Pension headache with Friends Life
I have a policy with Friends Life that was due to mature on my 75th birthday, which was almost two years ago.
At the time I was with family in the Falkland Islands. I emailed Friends Life telling it that I wished to draw down the money due to me. Nothing happened.
Subsequently, Friends Life said it could not act on my request as it did not have the relevant forms. They were, of course, in the UK.
I had explained during expensive calls from the Falklands that the forms would have been sent elsewhere, but Friends Life did not acknowledge such calls.
It then appeared that the company was happy to extend the drawdown provision to the following year. It required a financial consultant to register with it. Subsequently it said that the new deadline had been missed.
On the advice of my MP, I took the case to the Financial Ombudsman Service. Friends Life informed the ombudsman that the application for drawdown and for investigation by it were not possible because the deadlines had expired.
The only offer now from Friends Life is an annuity and no drawdown amount. Since I will need to live to at least the age of 105 to receive the full amount of this pension fund by an annuity