Pension enquiries exceed 200,000 in first week

More than 200,000 calls were made to life insurers in the first week following the introduction of the pension reforms according to ABI figures out today. 

Between Tuesday 7 and Friday 10 April ABI members. received  229,932 phone calls from customers interested in finding out more about their pension options under the reforms.  

This constitutes a 214 per cent increase in average call volumes that would be expected during the period, equating to an average of 57,483 calls each day.

After a peak on Tuesday, call volumes have fallen but were still well above the average.

Over 10,000 written and email requests were received each day, more than double the average.

ABI manager, retirement policy Rob Yuille says: “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.”