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Pension Wise users report higher scam resilience

Customers who have used government-back guidance service Pension Wise feel significantly more confident than non-users when it comes to spotting scams.

Polling of nearly 2,000 appointment bookers released by the Department for Work and Pensions shows that, three months after their appointment, 92 per cent of Pension Wise customers felt confident in their ability to avoid scams, compared to 78 per cent of those that did not end up having an appointment.

Half of the customers that used the guidance service said they feel very confident they can spot potential fraud, compared to 32 for non-users, while more users than non-users of Pension Wise reported feeling prepared to discuss issues with their pension provider.

A quarter of those who made a Pension Wise appointment said that, in the 12 months preceding it, they had received advice or guidance from either a professional financial adviser, tax adviser or accountant. Only 8 per cent of those that had seen a financial adviser previously had been directed to Pension Wise through them.

The services offered by Pension Wise continue to exist, but, earlier this month, it was officially relaunched as the Money and Pensions Service – a combined entity replacing Pension Wise, the Money Advice Service and the Pensions Advisory Service.

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  1. Hopefully, less scamming in the future.

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