Pensions - Articles - DWP evaluates Pension Wise service

 “The DWP’s evaluation of Pension Wise clearly shows that the service is providing a valuable service to those that use it – but unfortunately only one in ten people are using it. The vast majority of customers stated that they were satisfied with Pension Wise (94%), would recommend it to others (97%), and felt confident about avoiding scams (94%), emphasising that receiving guidance is a positive experience that can help mitigate the significant, increased risks people are exposed to as a result of the introduction of pension freedoms.

 “The issue remains that not enough people are receiving this free-to-use and impartial guidance service. Attempts to promote the service have not resulted in acceptable usage levels so a more radical approach is required. The government’s policy must be modified and we should learn from the success of pension auto-enrolment. It’s now time to introduce auto-enrolment into pensions guidance to ensure people receive the help and support they need.

 “People have worked and saved hard for 40 years to build up their pensions – a 40 minute guidance session to help them decide how to make their savings work hard for another 40 years feels a wholly appropriate and proportionate policy response.”