Pension Wise guidance reaches 18,000 people

clock

The number of face-to-face and over-the-phone guidance sessions provided by the government-backed service Pension Wise has reached almost 18,000 since its launch in April.

But experts said this was low given government projections that around 320,000 people will retire on defined contribution (DC) pensions every year. This comes after figures from the Association of British Insurers (ABI) showed schemes made a quarter of a million payments worth £1.8bn in just the first two months of ‘freedom and choice'. The data from the Treasury also revealed more than 925,000 people had used the service's website to help understand their at-retirement choices, with many visitors returning regularly. Total engagement with Pension Wise, provided by The Pensions Adv...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Advisers revisit processes after FCA's retirement income review

Advisers revisit processes after FCA's retirement income review

Thematic Review of Retirement Income Advice released in March

Jenna Brown
clock 16 September 2024 • 2 min read
Two firms declared in default by FSCS over pensions advice

Two firms declared in default by FSCS over pensions advice

Both Oakwood Financial Management and GO IFA are no longer trading

Isabel Baxter
clock 11 April 2024 • 1 min read
FCA lays out 2024/25 fees/levies proposals; £755m planned spend

FCA lays out 2024/25 fees/levies proposals; £755m planned spend

‘We recognise that firms continue to face inflationary pressures’

Hope Coumbe
clock 09 April 2024 • 4 min read