Rising numbers of people accessed guidance offered by Pension Wise in 2018/19, with a 49% increase in customers arranging appointments face to face and over the phone, and customers showing greater confidence in making pensions decisions after using the service.
Run by the Money and Pensions Service (MaPS), Pension Wise is a free service that helps people understand their options for their pension pot.1 According to new figures from MaPS, in 2018/19 the service provided 167,000 interactions overall. This includes 130,000 face-to-face or telephone appointments arranged, compared with 87,000 in 17/18 - a 49% increase year on year 2.
In the last two years, Pension Wise has extended its reach to more customers through a new digital self-service offering, which was completed by 37,000 people in 18/193.
Pension Wise has expanded rapidly during its first four years increasing over two and a half times from 60,000 transactions in 2015/16 to over 167,000 in 18/194.
Service evaluation data for 18/195 shows that 95% of appointment customers are likely to recommend the service to others or have already done so and 93% were satisfied with the service - both consistent with the levels recorded in previous years.