Pension Wise

Department for Work and Pensions written question – answered on 26th October 2020.

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Photo of Christian Wakeford Christian Wakeford Conservative, Bury South

To ask the Secretary of State for Work and Pensions, with reference to clauses 18 and 19 of the Financial Guidance and Claims Act 2018, what take-up targets are being set for Pension Wise guidance usage when non-advised savers access defined contribution pension benefits, in the context of the findings of the Money and Pension Service’s stronger nudge trials.

Photo of Guy Opperman Guy Opperman The Parliamentary Under-Secretary of State for Work and Pensions

We want to increase awareness of Pension Wise guidance, present taking guidance as a natural part of the customer journey, and make it easier to book an appointment. Based on the results of the stronger nudge trials, we would expect that implementation of the nudge would lead to an increase in the take up of Pension Wise guidance.

We do not intend to set a target for the number of Pension Wise guidance sessions, or the number of members accessing pension savings in a given period who receive Pension Wise guidance. We will continue to monitor the use of advice and guidance when accessing pension savings, and take further action to encourage their use if appropriate.

This is part of a number of measures aimed at increasing awareness of Pension Wise, which includes advertising campaigns and engagement with employers both nationally and locally.

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