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Pension Wise appointment costs reach over £550

Pension Wise jenga

The average cost of a Pension Wise retirement guidance appointment surged 7.4 per cent in February as the Treasury scaled up efforts to promote the service.

The latest official figures, published last week, reveal the cost per appointment rose from £516 in December to £554 in January.

A Treasury spokesman attributes the increase to efforts to further boost the numbers using the service.

He says: “We are continuing to raise awareness of the service and reach new audiences through a new and targeted advertising campaign. This has led to an increased cost per transaction figure. It is important that people are aware of and know how to access Pension Wise so that they understand their options.”

Elsewhere, the number of Pension Wise appointments has risen for the first month since October.

Some 4,426 people used the Government guidance service in January, up from 3,205 in December.

The number of people using the service remains substantially down from their peak – face-to-face and telephone appointments were used by more than 6,755 in October.

Customer satisfaction levels with the service remain high, and climbed 1.13 per cent to 89 per cent in January.

Face-to-face sessions offered by Citizens Advice represented a slightly smaller proportion of the total appointments taken up by users, dropping from 77 per cent to 73 per cent.



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There are 4 comments at the moment, we would love to hear your opinion too.

  1. So how long does a typical appointment last? One hour? I would be delighted to offer pension guidance for half that. Without succumbing to hubris I guess I am better qualified than most of those currently providing that guidance (I still fulfil my CPD) and unlike them was actually directly regulated and running my own business for 25 years. Indeed during that time my hourly fee very rarely exceeded £!50 and was often less. So this remuneration would offer a significant uplift.

    Please form an orderly queue.

  2. Hahahaha. Like everything else the govt get involved with in our industry, they have messed it up. I would happily give an hour’s regulated advice and professional recommendations for that amount of money. It is truly pathetic.

  3. £554 for a mere guidance session without advice is a very bad joke on the regulated community. Another ludicrous waste of OPM.

  4. Does the guidance come with a follow up report ? Is a record kept of what guidance was given ?
    I must and go and find out.

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