Pensions  

PwC raises concerns about quality of client contact

PwC raises concerns about quality of client contact

PwC has raised questions about the quality of providers’ contact with their customers ahead of this week’s pension reforms.

Jonathan Howe, head of insurance at PwC, said fewer than 40 per cent of 50 to 75-year-olds who took part in a survey had been contacted by their pension provider before the pension changes came in on Monday.

He said: “The pressure facing pension providers is even more stark when you consider the very large numbers of low-wealth, small pension-pot holders who have made or received no contact so far and will be looking to their pension provider, along with financial advisers, as a main source of information.

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“Either pension providers are not yet contacting their customers, or the contact they have attempted has been dismissed as irrelevant.

“This raises questions about the quality of customer interaction made by pension providers.”

The percentage of those who had been contacted by their provider went down to 26 per cent in the low-wealth, small pension-pot demographic.

Adviser view

Scott Gallagher, an adviser with Leicester-based Rowley Turton, said: “I do not think the PwC figures sound too bad, on the grounds that, while it is a legislative change, unless people are actually at their retirement age, it is questionable whether the company needs to be in touch with them.”