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Pension Wise appointments hit record high

Pension Wise jenga

The number of face-to-face and telephone appointments delivered by Pension Wise hit a record high in March.

According to monthly statistics published by the Government, there were 7,010 appointments over the month, up from 5,916 in February.

This represents a 75 per cent increase compared to the service’s first month in operation in April 2015. The Government and delivery organisations Citizens Advice and The Pensions Advisory Service were criticised following initial low take-up.

Last month Money Marketing revealed plans to slash the number of guidance workers by 35 per cent. In March the Treasury unveiled proposals to merge together The Pensions Advisory Service and Pension Wise to create a singular body for support on retirement savings.

Prior to March, the previous high was recorded in October 2015 when there were 6,755 appointments.

Over time face-to-face sessions have become dominated over telephone appointments.

In April 2015, face-to-face made up just 42 per cent of all appointments. At the end of March 2016 this had risen to 71 per cent.

The data also reveals the cost of each session has continued to fall, dropping to £507 in March. In February it was £541 and in January £554.

The most visited pages on the Pension Wise website over the last week cover “taking your pension pot in one go”, and taking cash “in chunks”.

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  1. Whilst serving a good purpose it has a very long way to go to be getting close to offering good value for those who fund it.

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