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Pension Wise appointment costs drop to £541

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The average cost of Pension Wise guidance appointments dropped marginally in February as the number of completed sessions rose 12 per cent.

The cost per appointment fell by just over 2 per cent, from £554 to £541. Some 5,916 guidance sessions were completed in February, up from 4,426 a month earlier but still lower than the peak of 6,755 recorded in October.

The majority of these (4,480) were face-to-face, delivered by Citizens Advice, while 1,436 were with he Pensions Advisory Service via telephone (see graph, below). Satisfaction with the service remains unchanged at 89 per cent.

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The high average cost of Pension Wise guidance sessions has caused anger among advisers, who contribute towards the funding of the service through an industry levy.

Pension Wise is set to cost the industry £35m for 2015/16, with advisers paying £4.7m.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. No point on going on about the cost per appointment as it has all been said previously. However what I find interesting is that 3/4 of all appointments have been face to face. It appears that this is still the preferred method of those coming towards the decumulation end of their planning lives. I wonder how this will change over the next 10 years with rise of “robo-adviser” for the younger (currently) savers????

  2. Julian Stevens 4th April 2016 at 1:54 pm

    But, after their Pensions Wise guidance appointment, unless they feel sufficiently confident to do it themselves, they’ll need to engage (and pay for) the services of a regulated adviser to actually get anything done.

    A voucher system would have been so much less costly ~ even if the industry had to pay into a central fund to pay for them.

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