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Phoenix Life Pension Annuities - tax error alert

Bouleversee
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Phoenix Life Pension Annuities - tax error alert

#362242

Postby Bouleversee » December 2nd, 2020, 2:41 pm

I got quite a shock when I looked at my bank account and noticed that yesterday's monthly annuity payment from Phoenix was nearly £360 less than usual, over 33%. Apparently there has been some error in tax deduction and I am not the only one so check your inpayments before you do your Christmas shopping if you have an annuity with Phoenix. The mistake has only just come to light (I presume they have been deluged with calls) and as yet they don't know why this has happened but are looking into it. No idea how long it will take to rectify/explain. I hope it doesn't mean they have been paying too much throughout the year and that I will get a further payment in due course. Just as well it's not my only source of income.

Bouleversee
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Re: Phoenix Life Pension Annuities - tax error alert

#368807

Postby Bouleversee » December 22nd, 2020, 3:13 pm

I had still not had the promised letter from Phoenix so phoned again and was told that it is taking time to negotiate the return of the tax overpayments individually from HMRC. They also said they couldn't guarantee it wouldn't happen again next month. I find this casual attitude, with no apology, quite extraordinary, especially at this time of a year where most people's incomes have been affected one way or another. Are there no other Lemons who are being squeezed in this way?

Bouleversee
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Re: Phoenix Life Pension Annuities - tax error alert

#372801

Postby Bouleversee » January 3rd, 2021, 7:01 pm

Clearly nobody else is interested/affected but for the record my January 1 payment (£1000+) has not been paid at all. My other two annuity payments (small sums) were paid early in view of Christmas. How can Pheonix get away with this? I am wondering whether there is more to it than a tax deduction error. Do they not have any reserves to cover such a situation? Whatever, I have a large credit card bill to pay in view of Christmas and school fees to pay and I need this income. Fortunately, I am not on the breadline and can access savings accounts, though there is not much left in them after this year's dividends dearth, but there may be many who are less fortunate and put in a difficult position.

GrahamPlatt
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Re: Phoenix Life Pension Annuities - tax error alert

#372805

Postby GrahamPlatt » January 3rd, 2021, 7:24 pm

You are talking about Phoenix Life Uk and not the Phoenix Life that has been acquired by Nassau Re?

Bouleversee
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Re: Phoenix Life Pension Annuities - tax error alert

#372812

Postby Bouleversee » January 3rd, 2021, 7:40 pm

Yes. I haven't been informed that they have been taken over. I should have made clear that the other annuities are with other companies.

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Re: Phoenix Life Pension Annuities - tax error alert

#372954

Postby Bouleversee » January 4th, 2021, 11:16 am

I have just spent almost an hour on the phone to Phoenix talking to people who don't really know what has gone wrong and who have only today found out that widows and widowers have not received this month's payment due to a different system error from the last one which they say has been sorted, though I haven't had the refund. Everything is so automated that they don't know anything has gone wrong until somebody complains. My complaint has been noted but they can't tell me a) whether HMRC has refunded the previous overpayment of tax or b) when I will get any money from them. My case has been raised (I raised the first issue on Dec. 1) and they are looking into it. Primitive!


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