Consumers largely satisfied with Pension Wise experience

The vast majority (92 per cent) of Pension Wise appointment customers were satisfied with their overall experience in 2017/18, a new survey from the Department for Work and Pensions (DWP) has revealed.

According to the survey, 69 per said that they were very satisfied, while only 3 per cent responded that they were dissatisfied.

However, the report explained how “operational changes” had led to a slight decrease in how satisfied customers were.

It stated: “While overall satisfaction with the service as a whole has not changed significantly, the proportion of customers who are very satisfied has decreased between 2016/17 and 2017/18, while the proportion who are fairly satisfied has increased.

“This suggests that, while higher customer volumes and operational changes have not led to greater dissatisfaction with the service as a whole, they have led to slight reductions in the level of satisfaction experienced.”

DWP’s findings also suggested that using Pension Wise improved consumer’s pension knowledge, with 97 per cent of respondents saying that their understanding of their options had improved one month after their appointment.

It also appeared to give customers greater confidence in dealing with scammers, as 92 per cent responded that they feel more assured in their ability to avoid scams, with 50 per cent saying they felt very confident.

This compares to just 78 per cent of non-Pension Wise users feeling confident in their ability to deal with scams.

Using Pension Wise also improved consumer engagement with their pensions, with 58 per cent of respondents revealing that they have spoken with their provider in the three months following their appointment.

Of that 58 per cent, 89 per cent reported feeling well prepared for their provider meeting, in comparison to 70 per cent of those who had not used Pension Wise.

Furthermore, the DWP revealed that 23 per cent of Pension Wise customers have already recommended the service to others, while a further 72 per cent said that they were likely to do so.

The number of consumers who said that they have recommended Pension Wise has increased by seven percentage points from this time last year.

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