Reflecting on 10 Years of Pension Wise

Pension Wise is a free and impartial service for people over 50 with a defined contribution pension. It is backed by UK government.

Delivered through MoneyHelperOpens in a new window, Pension Wise is designed to help people approaching retirement understand what they can do with their pension money. 

During an appointment, specialist pensions advisers will explain: 

• what pension options are available 
• how they work 
• when you can access them 
• what tax might be payable 
• how to spot and avoid pension scams. 

In April 2015 the UK government introduced pension freedoms, which changed how people aged 50 and over could access their defined contribution pension pots. 

We launched Pension Wise alongside this new piece of legislation, following a successful collaboration between the financial services industry, government and consumer organisations. 

Jackie Spencer, a Senior Policy and Propositions Manager at the Money and Pensions Service (MaPS), recalls being part of the team that developed the service: 

“I was part of the very small team that started developing the Pension Wise service in the basement of HM Treasury, before it was called Pension Wise.  

“We developed the service from the ground up, as there had been a promise from George Osbourne, who was Chancellor of the Exchequer at the time, that people who were accessing their defined contribution pensions would be able to access some kind of help and support and talk through their pension options.” 

Robbie Jackson, a Senior Service Delivery and Contract Manager at Citizens Advice, was there at the launch of Pension Wise: 

"I remember trying to drum up excitement for the service, being at pop-up stands in Sheffield and trying to explain what Pension Wise was and how it would help people.  

“I’m not sure whether I ever thought that we’d be here 10 years later as such a successful and renowned service.” 

Since then, Pension Wise has gone from strength to strength. In the last five years alone, over half a million people have benefitted from a Pension Wise appointment. 

55-year-old Andrea from Belfast spoke to one of our specialist pensions advisers to ask for guidance around taking early retirement:

“It was a very personal approach. All my questions were listened to; I felt in control of the call and was given enough information to think about my options. 

“It was so professional, and I couldn’t recommend it more for those looking at retirement who likely have a lot of questions like I did.” 

Andrea’s comments are echoed in data collected for our 2023/24 annual report and accounts, which found that nearly 9 in 10 people said that their telephone Pension Wise appointment had helped them to better understand their pension options. Report data also found that 92% of people who had a telephone Pension Wise appointment said that they were satisfied with the service they had received. 

Charlotte Jackson is Head of Guidance Services and Customer Protection Strategy at MaPS:

 “The past decade has seen Pension Wise grow from a new service to an essential part of the retirement planning journey for thousands of people each month. 

“Our dedicated and highly skilled Pension Wise Guiders have helped a huge number of people to better understand their options and make confident and informed decisions about their pension savings. 

“I’d like to say a massive thank you to everyone involved in Pension Wise for making it the successful service that it is today.” 

Pension Wise joined with Money Advice Service and The Pensions Advisory Service (TPAS) in 2019 to create the Money and Pensions Service. MoneyHelper was launched in 2021 to provide guidance directly to consumers.

Raj Kakkad is a Pension Wise Shift Supervisor. He remembers providing pension guidance to a deaf individual whilst working as part of TPAS:

"I think the most memorable Pension Wise session that I ever undertook was years ago when we were working in TPAS.

“At MaPS, we do a lot of important work for vulnerable customers, but this was before all of that was easily available and I ended up having to do a Pension Wise session via web messaging.

"It all started off very wary and you could clearly see from the way that they were typing that the customer was nervous. However, by the end of the session we had built a great rapport.

"It was the first deaf customer that I had helped via web messaging, and it is a memory that will always stay with me."

Lawrence Davies is our Partnership Manager for Wales. Before starting this role, Lawrence used to help deliver specialist pensions advise to customers:

“What really stands out is an appointment that I had with a farmer from North Wales. He had heard about our Pension Wise service on his radio, but didn't have telephone or internet service, so he went to his nearest neighbour, which was over two miles away, to ask them to book a Pension Wise appointment for him.

“During the appointment he said that he had been paying into a pension policy for thirty years’ but didn't understand what he had or what he could do with his money, which was a modest amount by now.

"It felt good to be able to talk him through his options and as a first language Welsh speaker, he really appreciated being able to have the Pension Wise appointment delivered to him in Welsh."

In September 2024 we launched Pension Wise DigitalOpens in a new window to open the service up to more customers.

Pension Wise Digital gives people the option to receive expert pension guidance online, alongside existing face-to-face and telephone appointments.

Digital appointments are self-guided and can be saved and returned to when convenient to the user, helping to engage more people in their pensions and reach those who may have struggled to access the service before.

Pension Wise Digital was designed and developed with help from a wide range of consumers. This enabled us to ensure that the service was appropriate for use in all four UK nations, and for those with a broad and limited range of digital and financial literacy.

Rigorous user research also took place behind the scenes to ensure that high standards of accessibility were met. We began testing Pension Wise Digital in April 2024 and received regular customer satisfaction ratings of 94%, helping over 5,000 people with their pension options.

If you are over 50 with a defined contribution pension, you can find out more and book a free Pension Wise appointmentOpens in a new window through MoneyHelper.

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