Pension Wise celebrates decade of empowering pension choices

• Pension Wise, by the Money and Pensions Service (MaPS), marks its 10th anniversary, and in the last five years alone has helped more than 500,000 people with their retirement planning while receiving high customer satisfaction ratings.
• Pension Wise has adapted to effectively meet customer needs over the last decade and will continue to do so in the future.
• The success of Pension Wise is thanks to a successful collaboration between many internal and external partners.
• 55-year-old Andrea “couldn’t recommend Pension Wise more” after receiving “professional” support around taking early retirement.
• Book a Pension Wise appointment through MoneyHelper.

People across the UK are making more informed decisions about their retirement thanks to a decade of support from Pension WiseOpens in a new window. 

As a free and impartial government guidance service, Pension Wise – delivered by the Money and Pensions Service (MaPS) on its MoneyHelper websiteOpens in a new window – explains the options for taking money from your defined contribution pension. 

In the last five years alone, over half a million people have benefitted from a Pension Wise appointment, with 92% of users reporting satisfaction with the telephone service they received in 2023/24. 

Another nine in 10 people who accessed a telephone Pension Wise appointment in 2023/24 said it helped them to better understand their pension options, demonstrating the service’s critical role in supporting retirement planning.  

Charlotte Jackson, Head of Guidance Services at the Money and Pensions Service says:

“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.” 

55-year-old Andrea from Belfast is just one person who has benefited from a Pension Wise appointment, seeking guidance around taking early retirement. Andrea complimented the service, saying:

“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.” 

Pension Wise has evolved in the way it has delivered appointments in the last 10 years, including both a shift to more telephone appointments due to the pandemic in 2020, and the introduction of a digital appointment in 2024. 

The digital appointment was launched to expand the reach of the existing service for those who would prefer to access expert pension support digitally rather than over the phone or in person.  

As MaPS looks to the future of the service, Pension Wise will continue to transform to continually and effectively meet customer needs. 

The achievements of Pension Wise over the last 10 years represent a successful collaboration between the financial services industry, government, and consumer organisations to help improve retirement outcomes for pension savers.

Pension Wise is delivered through a number of partners, including Citizens Advice and Citizens Advice Scotland, who provide people with free, impartial guidance to help them understand their pension options.

Robbie Jackson, Senior Service Delivery and Contract Manager at Citizens Advice says:

“When Pension Wise started, 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 across government, the pensions industry and other stakeholders and media.” 

Ed Owens, Pension Wise Project Lead at Citizens Advice Scotland, says:

“Since its infancy, Pension Wise has aimed to help people here in Scotland and the rest of the UK to better understand their pension options.  

I’m delighted to see it 10 years on still delivering on its aim, connecting individuals and communities to their pensions in new ways and across a range of different formats.” 

A Pension Wise appointment can help you find out when you can access your pension pots, the different ways to take money from your pension, how each option is usually taxed, and how to spot and avoid scams. 

The service is designed for those over the age of 50 with a defined contribution pension.  

 To check your eligibility, find out more, or book an appointment, visit MoneyHelperOpens in a new window.

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• Customer satisfaction stats taken from the Money and Pensions Service Annual Report and Accounts 2023/24