21 May 2009
More than 4,000 Standard Life unit-linked pension policyholders
have seen their pension fund values drop, some by as much as
£30,000, after a pricing error occurred seven years ago.
Standard Life admits 6,800 customers were mistakenly affected by
a re-price undertaken in 2001 and 2002, with around 4,200 policies
overstated and approximately 2,600 understated. The re-price
required investments to be moved from what Standard Life calls
series 1 funds to series 4 funds. Standard Life claims it
identified late in 2008 that a number of policies had residual
investments in series 1 funds.
A Standard Life spokesman said they are in the process of
correcting records and putting customers back into the position
they would have been in had the errors not occurred.
Click here to view Standard Life's announcement.
