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ABI: Providers took 200,000 calls in first week of pension freedoms

Providers handled over 200,000 calls from customers in the first week following the introduction of pension freedoms, according to the Association of British Insurers.

ABI figures out today show members of the trade body received 229,932 calls between Tuesday and Friday last week about the reforms.

This is a 214 per cent increase compared to average call volumes, and equates to an average of 57,483 calls a day.

The ABI says that after a peak on Tuesday, call volumes have fallen but were still well above the average.

The trade body’s members have also received over 10,000 written and email requests each day, more than double the usual amount. 

ABI retirement policy manager 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.”

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  1. And for routine enquiries on behalf of clients it can take one hour of an adviser’s time (SW again). That is £175 to be recovered from somewhere.

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