People who accessed Pension Wise guidance on the phone or through meetings increased 49 per cent in 2018/19, the latest figures show.
Run by the Money and Pensions Service, Pension Wise is a free service that helps people understand their options for their pension pot.
The figures are also relevant to financial advisers as 34 per cent of appointment customers speak to a financial adviser versus 26 per cent of non-users.
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 2017/18 - a 49 per cent increase year on year.
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 2018/19.
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 2018/19.
The 2018/19 figures show Pension Wise appointments have lasting effects as customers feel more informed, knowledgeable and take more positive steps towards accessing their pension pots than a similar group of people who have not used the service.
Customers who decided to access their pension savings after their experience with Pension Wise in 2018/19 are more likely to take steps to inform themselves prior to making arrangements:
- Eighty-six per cent of appointment customers checked how much tax they would pay based on their chosen options versus 73 per cent of non-users
- Thirty-six per cent of appointment customers shopped around for quotes from other pension providers versus 19 per cent of non-users
- Seventy-per cent of appointment customers looked into any charges they might incur based on their chosen options compared with 46 per cent of non-users
To arrange a free initial appointment with an independent financial adviser, contact us on 0191 384 1008.