Pension Wise appointments increase by 49%

The number of people arranging appointments and using the digital service with Pension Wise increased by 49 per cent in 2018/19, according to the Money and Pensions Service (Maps).

Savers arranging appointments increased from 87,000 in 2017/18 to 167,000, which included 130,000 face-to-face or telephone appointments.

The remaining 37,000 held appointments through Pension Wise’s digital self-service offering.

Maps also revealed that 95 per cent of customers that had face-to-face or telephone appointments would recommend the service to others.

However, this figure fell to 87 per cent when analysing those who used the digital service.

Maps head of pensions policy strategy, Carolyn Jones, commented: “For many people, their pension is one of the biggest assets they’ll ever have, and the decisions they make about accessing their savings will impact how they live the rest of their lives.

“It is crucial people make the right decisions for their circumstances, so it’s great to see so many customers feeling empowered by our Pension Wise service. We are committed to increasing the usage of Pension Wise and continuing to improve the service for customers.”

Maps’ data also found that those using Pension Wise were more likely to make calculated pension decisions, with 34 per cent of appointment customers speaking to a financial adviser compared 26 per cent of non-users.

Furthermore, 95 per cent felt “very or fairly well informed” of their pension options, compared to 57 per cent of non-users, while 60 per cent calculated their required retirement income versus 36 per cent of those not using the service.

Pension Wise users were also more confident in avoiding scams, and more likely to check the tax of the different options, shop around for quotes and look into possible charges.

Since its inception in 2015/16 the number of annual appointments and digital service users has increased by 107,000.

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