Pension Wise is a free service launched five years ago, designed to help people understand their options when accessing their pension. It us run by the government-backed Money and Pensions Service (MaPS).
Pension Wise said earlier this year that its users are more likely to use a financial adviser after taking guidance from the service. It said that following an appointment with Pension Wise, 34% of ‘appointment customers’ speak to a financial adviser versus 26% of non-users.
In 2019/20, the service provided 205,000 interactions including 160,000 face-to-face or telephone appointments. Pension Wise also offers a digital self-service offering, which was completed by over 45,000 people in 2019/20.
The 2019/20 figures show around nine in ten Pension Wise appointment customers felt that it helped them consider their options more thoroughly. Over half (57%) said they had changed how they access their pensions as a result.
The UK Minister for Pensions and Financial Inclusion, Guy Opperman, said: “Providing people with the necessary information to make informed choices about their financial futures is a key Government priority, and it is fantastic to see an increasing number of people taking advantage of the free and impartial guidance available from Pension Wise.
“We are focused on ensuring that consumers can stay on top of their pension savings, especially during these challenging times, and the support provided by the Pension Wise team is key to helping us achieve this.”