View more on these topics

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.

Recommended

4

Pension Wise staff cut as appointments slump

The number of people employed by the Government’s flagship guidance service Pension Wise has been cut as appointment bookings drop off from a high in October last year. When the service launched in April 2015 229 full-time equivalent staff were employed by Citizens Advice to deliver face-to-face guidance. Staff numbers have since fallen to 211 […]

9

Pension Wise demand slumps as appointment costs rise

The number of Pension Wise appointments has been steadily falling since October while the cost per session has been rising, Treasury figures reveal. Government statistics published today show there were 3,205 appointments in December, down from a high of 6,755 in October. When the service launched, telephone sessions – run by The Pensions Advisory Service […]

7

Is Pension Wise scaring users away from drawdown?

Data published by the FCA appears to show Pension Wise sessions could be pushing people away from entering drawdown contracts in favour of annuities and cash withdrawals. This month the regulator released figures collected during Q3 2015 on how savers are accessing their pensions. It includes data on whether savers who go into drawdown or […]

PensionWiser

FCA investigates copycat Pension Wise website

A fake Pension Wise website that purports to be a subsidiary of auto-enrolment provider The People’s Pension is being looked into by the Treasury and FCA. Pensionwiser.com – which uses the Tripadviser owl logo – claims to be a Qrops and Sipp provider but also contains detailed information about the Government’s guidance service Pension Wise […]

Unfinished business?

Pension specialist Fiona Tait gives an update on three big announcements from the 2016 Budget – Pensions Advice Allowance (PAA), the Lifetime ISA (LISA) and the pension dashboard. £500 Pensions Advice Allowance What’s new Under current rules it is possible to deduct an adviser charge from a defined contribution pension fund to pay for financial […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

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.

Leave a comment