The proposals follow successful trials, and will require
occupational pension schemes to steer members towards
taking Pension Wise guidance when they seek to access
their pension.
The Pension Wise service provides free, impartial
guidance to help over 50s with an occupational pension
understand the options available to them for accessing
their pension pots.
The trials demonstrated a significant increase in the
number of savers accessing a Pension Wise appointment
when pension providers explained the nature and purpose
of the guidance, and then either offered to book a
Pension Wise appointment, or transferred them to the
Money and Pensions Service who booked the appointment.
The measures outlined in today’s Statement of Policy
Intent will build on these promising results, encouraging
more people who would benefit from Pension Wise, but
otherwise wouldn’t have made an appointment, to do so.
Minister for Pensions and Financial Inclusion, , said:
I want taking guidance to become a natural part of the
journey savers embark on when making decisions about
their pension pots.
These measures will advance the Government’s goal of
ensuring that people have the necessary support and
information to make informed choices about their
financial futures.
As well as encouraging people to use the service, the
proposals will help protect consumers from scams.
The “Stronger Nudge” measures are part of a package
designed to help people make informed decisions about
accessing their pension savings.
Demand for the Pension Wise service has grown every year
since its launch in 2015.
In 2019/20, the Money and Pensions Service delivered over
200,000 Pension Wise interactions, including telephone
appointments, face to face appointments and online
sessions, more than triple the number delivered in the
service’s first year.
Additional information
