Those who could benefit most from Pension Wise guidance are most likely to miss out on it, according to Just Group analysis of Financial Conduct Authority (FCA) research.
Pension Wise is delivering double the number of appointments to pension savers in some regions of the UK than in others, a freedom of information request submitted to the Money and Pensions Service (Maps) reveals.
Work and Pensions Committee
In the third of a five-part series of articles for PP, pensions minister Guy Opperman sets out how impending legislation will help crackdown on 'crooks' scamming people out of their pensions.
An amendment to the Pensions Schemes Bill which would have seen people given a pre-booked Pension Wise appointment ahead of accessing their retirement savings has been defeated.
A proposal to ensure savers receive a Pension Wise appointment prior to accessing their retirement pot has received cross-party support in parliament, while Labour seeks net-zero pensions by 2050.
Work and Pensions Committee chairman Stephen Timms has submitted an amendment to the Pension Schemes Bill aiming to increase the use of pension guidance.
Occupational pensions schemes will be required to direct savers to take guidance on pension withdrawals under new provisions to boost engagement.
The Money and Pensions Service (Maps) has revealed that stronger nudges from providers results in more Pension Wise appointments and greater take-up of guidance.
Pension Wise saw a 49% increase in customers arranging appointments with the service over the course of 2018/2019.
The vast majority of pension scheme members who use Pension Wise have demonstrated clear knowledge about pension freedoms when questioned on specific facts.
The Money and Pensions Service (MAPS) has launched under its refreshed name, calling on the industry to help design its first strategy on financial wellbeing.
The Single Financial Guidance Body (SFGB) will be rebranded as the 'Money and Pensions Service', the government has announced.
The pensions minister says the new guidance body will help younger generations become the savvy savers of tomorrow.
Ann Harris OBE and Mike Dailly have been appointed non-executive directors at the upcoming single financial guidance body (SFGB).
John Govett has been appointed chief executive of the single financial guidance body (SFGB), the Department for Work and Pensions (DWP) announced today.
The Pensions Ombudsman (TPO) and The Pensions Regulator (TPR) have signed an information-sharing agreement to enhance their combined knowledge and understanding of developing issues.
The Work and Pensions Committee (WPC) has said a cold-calling ban could be in place by summer if the government heeds its suggestions.
The government has spent £13.25m on advertising for Pension Wise since 2014, with an additional £4.5m planned this tax year.
A ban on pensions cold-calling will be in place before the start of the next decade, a Treasury minister has told the Work and Pensions Committee (WPC).
Baroness Ros Altmann has attacked the annuity market for failing to inform savers that better annuity rates may be available to them, calling for an investigation.
The Conservative minority government has set out its plans for a bill to merge the Money Advice Service (MAS), The Pensions Advisory Service (TPAS) and Pension Wise.
Withdrawals have hit £10bn barrier
The decision to merge the three guidance bodies into one is unnecessary and could even reduce the quality of services, the Association of Consulting Actuaries (ACA) has warned.