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Govt spends over £400k on Pension Wise marketing consultants

Pension wise logo

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.

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Comments

There are 8 comments at the moment, we would love to hear your opinion too.

  1. Why can not just have given each member of the public who wanted basic advice a voucher for £500 to see an adviser. Or is this too simplistic for the powers that be to justify spending enormous amounts of money to justify there huge salaries.

  2. The Government has huge buying power and is a prestigous client for a company to have on their books; they should be able to negotiate extremely good deals for any services or goods, but somehow it always seems to end up with them happily handing over bundles of cash for very little. The joy of “other people’s money” I suppose.

  3. Considering that the success or otherwise of Pension Wise will first and foremost be down to how it is promoted, it really isn’t a huge slice of their budget.

  4. Vouchers for 500 Pounds soon add up.

  5. Christine Brightwell 4th June 2015 at 11:54 am

    Oh dear. But pension wise does not do any more than tell people what the options are. It does not give them any idea or the merits or dis merits of those options. And then the individual are told that if they want help to understand how the option work for them or otherwise they have to pay for personal advice.

    I cannot help but wonder if pension wise could not have been a simply and clearly worded leaflet, setting out the options with a plain explanation of the mechanics. Which would have save lots of pennies.

    • It’s such a shame that so ignorant and ill-informed rubbish as this is put out by people who should know better. It doesn’t help people such as myself a dedicated Pension Wise Caseworker and we don’t spend all our time running down others in the same industry trying to help Clients. Our appointments run for 45 minutes, so we do a lot more than “just tell people what the options are”. we DO spend a great deal of time going through the Pro’s and Con’s of each option as well and take into account each person’s personal circumstances, but what we don’t do is tell them what to do or recommend any products or services. We sign post people onto where to find further advice and information themselves and don’t just tell them to see an IFA. It may interest people on here that currently satisfaction with the Pension Wise Service by Client’s that have actually used it is running in the high 90 percents. so please don’t let petty jealously get in the way of the facts of what we do and how we do it.

      • Paul Williams 5th June 2015 at 2:45 pm

        Christine Brightwell said: “I cannot help but wonder if pension wise could not have been a simply and clearly worded leaflet, setting out the options with a plain explanation of the mechanics”. Your response was:
        – we DO spend a great deal of time going through the Pro’s and Con’s of each option
        – we don’t do is tell them what to do or recommend any products or services
        – sign post people onto where to find further advice and information themselves

        Which part of that can’t be done by a leaflet?

  6. Considering our governments, have and will continue to spend far more on far less important cause’s. Says it all really !

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