Savers book over 21,000 Pension Wise appointments during lockdown

Between 11 March and 2 June 2020, savers booked 21,663 guidance sessions with Pension Wise, the government has revealed.

In response to a written question, Pensions Minister, Guy Opperman, revealed that lockdown had not deterred savers from booking appointments, despite face-to-face appointments not being possible.

He said that the Money and Pensions Service (Maps), the umbrella organisation consisting of the Money Advice Service, The Pensions Advisory Service and Pension Wise, had “successfully adapted its methods” for delivering Pension Wise services during the pandemic.

Opperman noted that it had been focussed on digital and telephone appointments and worked “proactively” with customers who were booked in for face-to-face sessions.

During the 2019/20 financial year there were 205,643 available appointments for Pension Wise, which Opperman said showed that the service had been “successful” in increasing demand for guidance.

Savers arranging appointments and using the digital service in 2017/18 increased from 87,000 to 167,000.

In response to a separate written question, Opperman noted that Maps had undertaken trials to gather evidence on the ways Pension Wise can help encourage more people to take guidance before accessing their pensions.

“We are now considering the outcome of the initial findings from the trials. However, we will not preemptively reach any conclusions,” he added.

“Once Maps, with Behavioural Insights Team, publishes an evaluation report of the trials in Summer 2020, we will use the evidence provided from the trials to help inform and assess the impact of the trials and conduct a consultation prior to implementing any regulations.”

    Share Story:

Recent Stories


Managing volatility
In the latest Pensions Age podcast, Laura Blows speaks to Cambridge Associates head of European pension practice, Alex Koriath, about the Covid-related market volatility and how pension funds can prepare for the challenges ahead

De-risking options for pension schemes
In this latest Pensions Age podcast, Linklaters' Sarah Parkin talks to Laura Blows about the wide range of choice available to pensions schemes for the partial, or full, removal of their risks

Risk transfer opportunities
Laura Blows speaks to Lisa Purdy, Head of Fiduciary Distribution at Legal & General Investment Management and Gavin Smith, Pricing and Execution Director - UK PRT at Legal & General, about the impact of the recent market volatility on the bulk annuity and risk transfer market and the potential opportunities for the future

Bulk annuities during coronavirus
Laura Blows speaks to Just business development manager Prash Mehta about the impact of coronavirus on transactions