Pension Wise appointments plunge to four-month low

Pension Wise jenga

The number of face-to-face and telephone Pension Wise appointments has fallen to a four-month low, new figures reveal.

There were 4,855 appointments during May, down from 6,902 in April and a high of 7,010 in March.

The data also shows pension providers provide the most referrals (45 per cent), with just 1 per cent of appointments coming as a result of advisers’ directing customers.

Yesterday, the FCA confirmed the funding requirement for Pension Wise in 2016/17 will be 42 per cent less than in 2015/16.

The industry levy will be required to fund £22.5m, down from £39.1m last year.

A new pensions guidance body is due to be created with the scrapping of the Money Advice Service.

The FCA estimates 3,108 advisers, whose main business is to provide advice on retail investment products, will contribute £270,000 towards the cost of Pension Wise.

Advisers’ fee block contributes 12 per cent of the total cost of the service.

However, the regulator says there is “absence of data” to inform Pension Wise funding allocations.

The FCA is due to consult on the funding requirement of the new pensions guidance body.