My apologies to PayPal - my post was incorrect - the email titled "Reminder: Important changes to PayPal" was not a Phishing email. Thanks to Rab for correcting me. Rab sent a copy of the email to email@example.com who verified that it was a valid message.
It's my first day back from two weeks holiday in Europe and whilst working my way through my overflowing email inbox I came across a Phishing email titled "Reminder: Important changes to PayPal Accounts in the European Union". I'm sure that some people will fall for this scam as it's pretty well written though it does claim that "no action is required" and then further down the message asks the reader to click on a link to a dodgy website.