Glitch hits 12,000 L&G annuity customers

clock

Around 12,000 pensioners who hold annuities with Legal & General have been left without their regular payouts after a technical blunder.

The insurance giant told the Independent it was working to sort out the problem but said it was a "one-off" which would not affect the pensions of its other 650,000 annuity customers. Those who failed to get paid may have to wait until Tuesday for their cash to clear the banking system, the company said. However, it hoped most customers will get their cash this morning. L&G urged people left short because of the computer glitch to contact the company and promised to ensure no one is left out of pocket.

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Insurance

Steven Levin of Quilter Investors

For the sake of future generations pensions must be invested correctly

Important wealth managers and financial advisers talk to clients

Steven Levin
clock 27 January 2022 • 4 min read
Amanda Lyons of GAM Asset Management

GAM's Lyons: 'Game not over' for FAANG stocks ahead of 'huge' technology runway

Transition to 'Digital 4.0' is still on, manager argues

Lauren Mason
clock 16 February 2021 •
Dr Chris Morris: COVID-19 and the remote GP revolution

Dr Chris Morris: COVID-19 and the remote GP revolution

A remote private GP shares his view

Dr Chris Morris
clock 07 April 2020 •
Trustpilot