Pension Wise appointment costs continue to fall

Pension Wise jenga

The cost of providing Pension Wise appointments has continued to fall, latest Government figures shows.

In April the average cost was £475, down around 6 per cent on March, and from a high of £550 during January.

In addition, the statistics show pension providers account for 28 per cent of referrals to the guidance service.

Just 1 per cent of Pension Wise users said they were directed there by advisers.

In November 2015 pensions minister Ros Altmann blamed providers for the service’s low initial take-up.

However, appointment numbers hit a record high over 7,000 face-to-face and telephone sessions in February.

The most recent figures, for April, shows there were 6,900 appointments over the month. The most popular online page was information on taking pension pots in one go.