Using online services is the quickest way for you to access your policy 24/7. And most of our customers find it's a quick and easy way to get answers to their questions. Some of the key things you may be able to do online, depending on your policy, include:
If you've not registered, why not give it a go? Take a look at our online services page to find out more.
You can still email us or send a secure message by visiting our contact us page.
Our telephone lines are still open. Before calling, please consider if your call is urgent to help the most vulnerable customers who need to speak to us.
The Financial Conduct Authority (FCA) with other pensions bodies have published an easy-to-read guide. It explains measures taken to support savers, answers many frequently asked questions, and provides details on the free and impartial guidance that is available. It is a comprehensive tool for anyone wanting to understand how their pension savings are protected and supported at this moment in time and provides information on how to protect yourself against pension scams.
The guide is available here.
If you’re thinking of accessing your pension savings, making a withdrawal, or wish to surrender your investment policy because of financial difficulties, we strongly recommend you investigate the support networks available before making any decisions. You'll find some useful information below on a range of impartial support networks that can help you.
Please visit the
Money Advice Service website which provides extremely useful information that can help you. There is also a useful tool that can be found
here which enables you to see the places where you can gain further debt based help, guidance and advice if you need it.
We realise these are worrying times for many of our customers and that some people may find themselves in an economically vulnerable position which prompts unexpected expenses or a reduced level of income. We will continue to support our customers and provide you with additional information to help at this difficult time.
We recognise that market falls caused by the Covid-19 pandemic are understandably unsettling and may be causing you some concern about the performance of your pension or investment. It can be worrying to see your investments fall in value, especially in these unprecedented times.
Some of our customers have contacted us to see whether the value of their investment has been affected or to discuss if there are any options of safeguarding their financial position. Some have been considering taking money from their policy due to the current performance of the markets or switching their funds to another investment fund which is less volatile.
Before making any changes to your policy, it's vital to consider the important four points below.
1. Focus on the long term
Making decisions about your policy based on short term events and circumstances can have long term consequences for your financial wellbeing and retirement.
It's likely that the coronavirus will continue to have an impact on markets over the coming months. The key thing to remember is that investing is a long-term commitment and ups and downs are part of investing. Investing with a long-term outlook and with long-term goals is the best way to reduce the impact of stock market fluctuations and see out periods of volatility.
There have been many times in the past when major global events have caused markets to fall, particularly in the short-term.
A look back at historical performance of share markets shows that eventually markets do recover over time. It's uncertain when this might happen, but even when you consider events like, for example, the Dot.com crash and the Global Financial Crisis - a long term investment strategy can provide an attractive opportunity for growth.
Remember though that investment growth isn't guaranteed - investments can fall in value too. And it's possible to get back less than you paid in.
2. Consider whether now's the right time to take money out
You will only receive the current value of your investments which might have fallen recently; you may miss out on any future increases in value if the market recovers. We recommend that you seek financial advice before making any changes.
If you're approaching retirement, did you know you can delay taking an income from your pension? For pension policies you can also:
3. Consider how much money you take out
Consider carefully whether you need all the money you're thinking of taking out of your policy at the current time. Once you have taken your savings, you will have less money available to generate the income you may need in later life.
4. Financial advice can help
At turbulant times like this, the skills and experience of financial advisers can really help. If you're unsure how the outbreak of Coronavirus is affecting your investments, or whether you should take action, please speak to a financial adviser. If you don't have an adviser, you can find out how you might benefit from using one, and how to find one local to where you live.
Managing your investments
Why not take a look at our 'Managing your investments' page? You'll find useful information on some of the key things to consider, particularly the closer you get to retirement.
It takes a look at:
Find out more here.
Scams related to the Coronavirus (Covid-19) pandemic have escalated in recent weeks with criminals trying a variety of different tactics through texts, email and phone calls to defraud members of the public by exploiting fears and anxieties as people self-isolate.
The UK's national reporting centre for fraud and cybercrime, Action Fraud has received thousands of reports about Coronavirus (Covid-19) themed scams including cold calls and phishing emails. Criminals are preying on people isolated from their family and friends to
trick them into revealing sensitive personal and financial information. One of the recent scam emails pretends to come from HM Government asking for donations to help the NHS treat people affected by the Covid-19 pandemic. Action Fraud has warned the public to be on their guard and that any money
sent will end up in the hands of criminals, not the NHS.
Taking a moment to stop and think before parting with your money or personal information. Always be suspicious and on your guard to keep yourself safe and protect yourself from scammers.
Ask yourself - could this be fake? It's ok to reject, refuse or ignore any requests your receive. Only criminals will try to rush or panic you, and something which sounds to good to be true, probably is.
If you think you have been the victim of a scam on the policy you hold with us contact Phoenix Wealth using the contact details on our
contact page. It's important to notify your bank and report scams to Action Fraud by calling 0300 123 2040 or visiting
Report to Action Fraud.
For more information on Covid-19 scams and fraud visit these websites:
Friends Against Scams
National Crime Agency
National Trading Standards
Financial Conduct Authority
Our response to Covid-19 from Andy Briggs, Chief Executive
In these truly extraordinary times, Phoenix Group is taking significant steps to support and protect its colleagues, customers and the communities where we operate. Led by our senior leadership team, we are using our established business continuity framework to manage our response.
For our customers, we have done our utmost to continue to deliver our services during these strained times. With our customer service teams now working from home and continuing to answer enquiries, close to normal levels of service have been maintained and we continue to see a very positive customer response, with the vast majority of our customers rating our service ‘good’ or ‘excellent’.
Inevitably a number of our customers are in the high-risk category through age or illness. We continue to provide a phone service, and to ensure our lines remain available to our most vulnerable customers, we are encouraging those who can to use our website wherever possible.
Importantly, both online and through our direct customer communications, we are raising awareness of the increased threat our customers may face from scams in the uncertain times the pandemic creates.
At the forefront of our minds is the wellbeing and safety of all of our colleagues. We acted quickly to mobilise our colleagues and enable them to work from home. We have supplied around 4,500 individual pieces of IT kit (such as keyboards and cables) to make this possible. With the exception of employees carrying out critical processes at our sites (c.1% that are all socially distanced), all of our c.4,400 employees are set up to work from home other than a small number that cannot fulfil their role from home. None of our people have been furloughed as a result of Covid-19. This has been the biggest logistics exercise we have ever undertaken.
Recognising the critical role the Air Ambulances play in the NHS, we have also extended our support for our four existing Air Ambulance Charity partners across the UK.
We will also continue to provide support through investment in socially responsible community assets. In 2020 to date we have provided £70m in lending to Local Authorities, £75m to Housing Associations, and £30m to a renewable energy project. We are actively looking for opportunities to support similar projects.
As we all look towards a time when we can return to normality, I am heartened by the depth of community and determination my colleagues have shown in this trying time. The small gestures and extra hours have really revealed how we are prepared to go above and beyond in order to maintain the services so relied upon. It demonstrates our steadfast approach to delivering for our customers when they need it the most.
CEO Phoenix Group
As at 17 April 2020