Phoenix Life has launched a new portal for consumers looking to fully encash funds under £10,000.
MyPhoenix will be available to policyholders aged 55 and over with less than a £10,000 pot, provided they have no guaranteed annuity rates, and will pre-populate a retirement pack and allow the client access up-to-date policy information.
The system will build in “checkpoints” prompting customers to review whether they should cash their policy in, and MyPhoenix users can talk to a help centre if they need any assistance.
The initiative builds on the Retirement Centre Phoenix launched last year where customers can cash out their pensions without having to go through a call centre.
Phoenix Life digital project manager Gee Gillingham says: “Things have changed so much since many of our customers first took out their policies and the customer journey has been radically transformed by the evolution of the internet. We know that the over 55s are embracing technology and believe that 50 per cent of this age group of our customers are managing their finances online.
“Making a decision about your pension savings – and retirement – is one of the biggest decisions you will make in a lifetime and may be irreversible – so it’s important that customers are not only fully informed about their options but understand the decision making journey.
“We received positive feedback from our focus groups which highlighted just how many of our customers appreciate the new step-by-step process and the flexibility and ease of use of the ‘MyPhoenix’ portal. We are delighted to offer an online encashment journey opportunity for our customers at such an important time in their lives.”