David Woollett, Head of Customer Strategy and Oversight at Phoenix Life, comments ahead of Pension Awareness Day on the importance of reviewing your pension;

“People will most likely build up several pension policies over their lifetime, yet risk their hard earned money being left to the wrong people. Our research has shown that half the UK’s adults don’t know their pension typically goes to the person who is named in their pension policy, not their will. Furthermore, despite almost half of Britons holding a personal pension policy, these policies are the least reviewed according to our study.

“Therefore, it is incredibly important you check all your financial policies regularly to assure your money will go to the people you want if a claim is made. It is equally important you inform recipients about the policy so they can make a claim, alongside making sure that your pension provider has your up to date contact details. As Pension Awareness Day approaches there is no time like the present to do this!”

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Enquiries

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

Notes to editors

Phoenix Group is Europe's largest life and pensions Consolidator, specialising in the acquisition and management of closed life insurance and pension funds – known as heritage books. Phoenix is the largest consolidator of heritage life insurance books in Europe but also runs an open book underpinned by a strategic partnership with Standard Life Aberdeen. The Group is a member of the FTSE 100 index, and has over 10 million policies and £226 billion of assets under management – including the recently acquired Standard Life Assurance business. With operations in the United Kingdom, Ireland and Germany, the Group has four operating life companies which hold policyholder assets, and a distribution business, SunLife Limited.