ABI reports 200% increase in pension calls

ABI reports 200% increase in pension calls

There was a 214 per cent increase in average call volumes to pension providers during the first week of the reforms, the Association of British Insurers has said.

The trade body has said its members handled more than 229,932 calls from customers between Tuesday, 7 April and Friday, 10 April.

This worked out at an average of 57,483 calls a day while more than 10,000 written and email requests were received every day, more than double the average amount.

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Rob Yuille, the ABI’s manager of retirement policy, said: “Unsurprisingly, many customers, recognising the importance of the reforms are contacting their pension provider to understand how the changes may affect them.

“Insurers have taken steps to meet this demand, and will continue to explain to customers their options, and encourage them to speak to the free, impartial Pension Wise service before taking any action.”

Mr Yuille said that after a peak on Tuesday, call volumes fell, but continued to remain well above the average.

Adviser view

Phil Perry, director of Cheshire-based Ark Financial Planning, said: “We have certainly had a lot more enquiries but I wouldn’t say the thousands of calls that had been indicated.”