Phoenix : becomes first financial services organisation to adopt social…

Phoenix Group, the UK's largest long-term savings and retirement business, has become the first in the financial services industry to adopt the Social Value Portal - a tool which will enable it to measure and manage the contribution that its business and supply chain makes to society.

The partnership with Social Value Portal will enable Phoenix Group to demonstrate the holistic financial and non-financial benefits of its community engagement programme, which creates benefits for a wide range of local communities where the Group's offices are based, including Edinburgh, London, Telford and Birmingham.

From fundraising for charity partners, to improving financial literacy in schools and supporting local businesses and councils, Phoenix Group's community engagement programme aims to create opportunities for social mobility and address societal needs. By using the Social Value Portal, Phoenix Group will be able to quantify the difference it makes through these initiatives.

Andy Moss, Phoenix Life CEO and Group Director, Heritage at Phoenix Group said: "As a purpose-led business, enhancing our social value is really important to us, creating that all-important 'life of possibilities' for our customers, colleagues and communities - that is our purpose. By measuring and reporting our progress through the Social Value Portal, we will be able to elevate our community engagement programme to ensure we are best serving the needs of society. The insights gathered from reporting social value will also help us to shape our future community engagement strategy."

Social Value Portal is an online tool that helps organisations to measure, manage and maximise social value in the community. It currently supports over 150 businesses across public and private sector to report both non-financial and financial data, rewarding them for enriching the lives of those who live and work in the community in which they operate. It also provides the tools to report the social value outcomes in meaningful ways that illustrate the benefits to key stakeholders.

Guy Battle, Chief Executive of Social Value Portal, said:

"2022 marks ten years since the Social Value Act was passed and it is hugely rewarding for us to welcome our first financial services business to the Portal at this time. We look forward to working closely with Phoenix Group to show how the financial services industry can make the most of their community engagement programme, making good go further."

Phoenix Group's purpose is focused on "helping people secure a life of possibilities" and its Community Engagement Strategy always looks to drive that forward, finding ways to support those in need and collectively addressing key societal issues across the UK and into Europe. Find out more here.

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Notes to editors

About Phoenix Group

Phoenix is the UK's largest long-term savings and retirement business, with c.£300 billion of assets under administration and c.13 million customers.

We are a growing and sustainable business with a clear purpose - helping people secure a life of possibilities. This means taking responsible and sustainable investment decisions, and using our presence and voice to advocate on behalf of the UK's savers. We understand that our scale and expertise means that we have an important role to play for our customers, colleagues and our communities.

As life expectancy continues to increase and the pension landscape continues to shift, we will continue to be a safe and dependable ally in the journey to and through retirement for millions of customers, by providing the right guidance and products, at the right time, to support the right choices. We offer a broad range of products for people across all stages of the savings life cycle.

Our strategy focuses on delivering long term, sustainable value and, to fulfil our purpose, focuses on five key areas to ensure we respond to changing customer needs, manage our capital position well, create value, inspire our people, and put sustainability at the heart of our business.

Phoenix is a FTSE 100 company and we feature in the FTSE100 ESG Select Index. We are playing an active role in helping to build back better and greener as we invest for the future. In 2020 we committed to our operations being net zero carbon by 2025 and our investment portfolios by 2050. In 2021 we set an interim target of a 50% reduction in the carbon emission intensity of c £250bn of investments by 2030.

We are a Living Wage Employer and recognised as a Carer Positive Exemplary Employer for offering the best support to colleagues who are carers.

LinkedIn: PhoenixGroup-UK
Twitter: @PhoenixGroupUK

About Social Value Portal

Social Value Portal is a rapidly growing online solution that allows organisations to measure and manage the contribution their organisation and supply chain makes to society. It enables them to report both non-financial and financial data, and rewards organisations for doing 'more good' in the community. This includes the measurement of environmental, social and economic activities, helping to identify and measure additional social value delivered through a project in meaningful terms.

Social Value Portal launched the National TOMs Framework in 2017, alongside the National Social Value Taskforce. The Framework provides a minimum reporting standard for measuring social value. It provides a way for organisations to procure, measure, manage and maximise their social value, to integrate the standards into their measurement approach as a minimum.

LinkedIn: social-value-portal Twitter: @socialvalueport