Pension Wise: the stronger nudge

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Research conducted by the Behavioural Insights Team on behalf of the Money and Pensions Service (MaPS) tested two potential routes when customers asked their providers about access to their workplace savings, either offering to make a Pension Wise appointment for them or transferring them to a member of the Pension Wise booking team who could explain the offer and make an appointment.

This was done with the support of three providers – Aviva, Hargreaves Lansdown and Legal & General Investment Management.

Excluding people who said they had already taken guidance or advice in the past 12 months, the trial found around 11% of customers subsequently attended an appointment within the next 6 weeks, compared with less than 3% of customers in the control group.