Treasury: People to get more than 1 Pension Wise session

Consumers using the Pension Wise service will be given more than one appointment in future, the Government said this morning. Officials said in a report that they would take up recommendations from the Work and Pensions Committee that people should be allowed further sessions to help them.The HM Treasury report on Pension freedom guidance and advice, published today, stated: “To help people benefit from these changes, the government will also allow people to have more than one Pension Wise appointment.“The government believes that these changes will deliver more personalised support. The government is currently consulting on what public financial guidance it should be providing and how it could best be structured and targeted to meet consumer needs. The consultation closes on 22 December 2015.”{desktop}{/desktop}{mobile}{/mobile}The committee had recommended that the Financial Advice Market Review considers the case for offering two or more Pension Wise guidance sessions per customer.MPs recommended the government work with the FCA and guidance providers to develop “a more holistic Pension Wise service that offers more personalised support”.The Treasury said: “The government can confirm that work to meet these recommendations is already underway.“The service development plan for Pension Wise is based on research, analysis of performance data, and feedback from users and guiders. This plan includes changes to appointments, including specific content for those aged 50-55 and the introduction of flexible appointments.“Appointment content for those individuals aged 50-55 will ensure that appointments provide a meaningful experience for those not yet able to take advantage of the pension freedoms. Flexible appointments will help guiders to offer more personalised support to users of the service, by better reflecting where each user is in their decision-making process.”The committee also called upon the government to initiate a rolling research programme to track the longer- term consequences of pension freedom decisions.The Treasury confirmed today that Pension Wise data will be available on the GOV.UK performance platform. This will be available from today, it said.This will be updated on a monthly basis, and will contain data on:• total website visits and cost per website visit• completed appointments and a breakdown by channel• cost per completed appointment• user satisfaction• online metrics

Treasury: People to get more than 1 Pension Wise session

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