Phoenix Life is enhancing its digital customer journey with the launch of ‘MyPhoenix’, a secure portal for eligible customers with smaller pension pots who want to encash their funds under £10k in one go.

‘MyPhoenix’ is the latest digital initiative from Phoenix Life for eligible customers to access their pension fund details online. It comes in the wake of the launch of Phoenix’s customer Retirement Centre, and initial digital journey in 2016, which allows eligible customers who want to cash-in their pensions to do so without having to contact a call centre. Phoenix Life data shows that over one third (38%) of eligible policyholders chose to access their pension fund online - demonstrating there is a strong appetite to carry out financial services transactions online amongst the 55+ age group, prompting investment in a digital experience ‘MyPhoenix’.

Eligible policyholders aged 55+ with a pension pot of £10,000 or under with no guaranteed annuity rates applying to their policy can use ‘MyPhoenix’. The portal links to a database which means the customer can see relevant up-to-date policy information. Important information such as the retirement pack is created and prepopulated online to provide the customer with all the information they need in one place, at one time to make a decision about their pension policy. The step-by-step process includes a number of checkpoints which encourage customers to review and reflect their decision to cash in their policy.

The new digital retirement pack is of great convenience for a customer, the downloaded pack details the customer’s policy values and options available to them to access their funds. For those customers who would rather not wait for a posted copy of the pack, this new digitally created pack allows the customer to complete their application process online.

The ‘MyPhoenix’ application process gives customers a greater choice in accessing their pension policy at suitable times that meet their lifestyles but also provides the customer with a wealth of information to reflect on this financial decision. The ‘MyPhoenix’ site also has a dedicated support team giving the customer the option to contact the call centre for further support if needed.

Gee Gillingham, Digital Project Manager at Phoenix Life said: “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.”

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Enquiries

Shellie Wells
Head of Corporate Communications
Phoenix Group
020 3735 0922/ 07872 414 137
shellie.wells@thephoenixgroup.com

Leonie Furman
Lansons
020 7294 3649
leonief@lansons.com

Notes to editors

* Research carried out by Opinium between 23rd and 26th June 2017
The Phoenix Group is the UK’s largest specialist consolidator of closed life and pension funds with over 6.1 million policyholders and £76 billion of assets held by the Group’s life companies, including the acquired AXA Wealth, SunLife and Abbey Life businesses.