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.
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.