New system for pension advisors at Pension Wise

Pension-advisors-at-penson-wise
Pension-advisors-at-penson-wise

Article by Phil

The new Pension Wise appointment system came into force on 1st June. But some pension providers are not sure about whether the scheme will work.

Pension providers are now required to offer all pension holders the opportunity to have a free 45 telephone appointment with the government run Pension Wise service to discuss their pension options. Of course, pension advisors at Pension Wise do not provide an advice service. It is only an information service and is not run by qualified staff. But it does provide information to people who have never had the opportunity to discuss their pension or finances with anyone before. Unfortunately, the mandatory nature of the service means that even those people who are paying to use Independent Financial Advisers still have to use the service. That can be very confusing.

Pension providers are also concerned about the timing of the appointment offer. Which doesn’t have to be offered until there is a request to access the pension pot. By this time, Providers argue that retirees have already decided that they want to access their money. Which means they are far less likely to consider the information options being provided by pension advisors at Pension Wise.

This seems to be borne out by the facts.

Up to the end of May 2022 only 1 in 33 people referred to the service actually took up the offer. That’s only 3%. Of those accessing their pensions for the first time, 14% took up the Pension Wise offer.

Having said that its already very difficult to secure an appointment in any event. So the service probably couldn’t cope with may more requests anyway.

According to the figures almost 20% of those accessing their pensions took separate Independent advice.

How to Optimise Returns on Your Pension Plan

Christina Clegg Financial Planning Services explains what to do to ensure that you are making the most of you pension plan.

Searching for "pension advisors near me" , we offer practical and relevant solutions to help you meet your financial objectives. Why not find out how we can help, call us on 01282 614444 or drop us an e mail to enquiries@ccfps.co.uk

Awards and Accreditations

Pension Transfer Gold Standard
Investment-Planner
Financial Vulnerability Taskforce
VF 23
Vouched For 2022
Vouched For 2021
Vouched For 2020
Vouched For 2019
Vouched For 2018
Vouched For 2017
Vouched For 2016
Vouched For 2015
Vouched For 2014

The representative was very good and we were happy with the meeting.

Mr & Mrs B

Very satisfied! A quick, friendly and professional service.

Mr P

Christina is a very approachable young woman and is always ready to answer any questions. I would not hesitate to recommend her to friends.

Mrs V