Govt spends over £400k on Pension Wise marketing consultants

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The Treasury has spent over £400,000 on contracts awarded to firms for consultation on how to promote new Government backed guidance service Pension Wise, Money Marketing can reveal.

Contracts seen by Money Marketing show £378,542 was paid to DLKW Lowe Ltd to “develop a range of creative advertising ideas” to use in television, national press, magazine and digital advertising. The deal runs until December 2015 with the option of extending for a further 6 months.

In addition, Mindshare Media was paid £40,155 to provide “communications planning support” over an 18 month contract.

In April, Money Marketing revealed how the Treasury spent £37,000 on developing a “brand identity” for Pension Wise, including the strapline “your money, your choice”.

The contract awarded to DLKW Lowe shows that the Government’s original plan for the guidance service was to call it The Pensions Guidance Service, with the strapline “your money: your retirement”.

In April, Money Marketing revealed how “purdah” rules blocking advertising of Government campaigns in the run-up to the general election meant Pension Wise adverts would be dropped.

Following what a Treasury spokeswoman described as “a full campaign” in March, the Government-backed guidance service was only promoted through print and digital advertising for April and much of May. The purdah restrictions have now been lifted.

Advisers are set to contribute £4.2m towards the estimated £35m cost of Pension Wise over 2015/16.