Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/new-model-adviser/article/a660657
L&G annuity glitch hits 12,000 pensioners
by Daniel Grote on Feb 22, 2013 at 07:28
Around 12,000 pensioners have been left without annuity payments after a computer glitch at Legal & General, The Independent has reported.
L&G said the error was a ‘one-off’ and would not affect its 650,000 other annuity customers.
It meant those due payments yesterday did not receive them, although L&G said it was hopeful most would receive their cash today.
A L&G spokeswoman told the paper it would recompense customers any extra costs or bank charges.
‘We regularly make payments to over 650,000 customers and have been doing so for over 35 years, This is the first time we’ve not been able to make a payment on time,’ she said.
News sponsored by:
Today's top headlines
Challenged by growing risk aversion?
Challenging financial markets over recent years have resulted in growing risk aversion among British savers and led many to seek safety in cash. Click here for more.
More about this article:
Look up the shares
What others are saying
by Himanshu Singh on Dec 07, 2013 at 04:57