View more on these topics

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”.

Pension Wise

Recommended

Ros Altmann
1

Altmann concerns at plans for auto-enrolment provider choice

Pensions minister Ros Altmann has pushed back against plans to allow savers to choose their pension provider when they are automatically enrolled by an employer. Money Marketing revealed a Government policy unit was exploring the proposal last week, just six months after Altmann put plans to implement pot follows member on the back-burner. The plans […]

Polin-Jonathan-2012-700x450.jpg

Sanlam pulls out of deal to buy Caerus

Sanlam has backed out of plans to acquire a 19.9 per cent stake in Caerus almost a year after the deal was originally agreed, Money Marketing can reveal. The South African firm agreed to take a stake in Caerus in June last year, with the deal including a timeline for Sanlam to acquire the advice […]

Workie gets mean…

Last year we highlighted the launch of the Department for Work and Pensions’ (DWP) auto-enrolment awareness campaign – fronted by that nice friendly monster Workie. The Pensions Regulator (TPR), however, may not be so cuddly. In early January it issued this statement, with some of the most relevant passages reproduced below for information: “Up to half a million small […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  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.

Leave a comment