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.