During the first week of pension freedoms week the Association of British Insurers received 229,932 calls, averaging out at 57,483 per day.

These figures, which do not include Easter Monday, represent a 214 per cent increase in average call volumes that would normally be expected in the period.

Calls peaked on Tuesday but for the remainder of the week were still above average. In addition, over 10,000 written and email requests were received each day, more than double the average.

ABI retirement policy manager Rob Yuille said many customers are contacting their pension provider to understand how the changes 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,” he said.

Last week Pensions Age reported providers had received an unprecedented number of calls from savers enquiring about the freedoms. However, Zurich revealed that many of the customers’ calls had triggered personalised risk warnings under the company’s second line of defence.

“It is a potential concern that only about 13 per cent of people said they had contacted, or planned to speak to, Pension Wise. Whilst these are only early figures, we strongly believe consumers should seek advice and guidance before making any decisions on their pension savings so they can truly make the most of the reforms,” Zurich head of retirement propositions Rod McKie said.

Over 90 per cent of Zurich’s customers enquired about withdrawing a single or partial lump sum, with only a small number of customers enquiring about entering their pension into drawdown or purchasing an annuity.

Share Story: