A total of 93 per cent of pension savers have said that they felt more informed of their pension options following appointments with Pension Wise, a report has found.

New research for Pension Wise, carried out by Ipsos MORI, analysed customers’ experience of Pension Wise and the impact it has on their retirement planning decisions.

Looking at the opinions of more than 7,500 people between February 2016 and January 2017, 90 per cent of those surveyed felt helped to make informed choice about their next steps; 93 per cent were more aware of their options after an appointment.

Furthermore, just under half, 45 per cent, of appointment customers noted that they attributed their certainty in making financial decisions largely to the Pension Wise appointment; with 92 per cent stating that it was at least a fair amount due to their Pension Wise appointment.

Prior to their Pension Wise appointment, 47 per cent of those surveyed said they had spoken generally with their pension provider and 17 per cent to a financial advisor, tax advisor or accountant. After their appointment, this number rose to 79 per cent and 49 per cent, respectively.

Minister for Pensions and Financial Inclusion Guy Opperman said: “Pension freedoms are providing savers with real choice and flexibility as to how they use their hard earned retirement savings. But with this freedom comes a need for a greater engagement with pension savings, including understanding all your options and better planning for retirement.

“The Pension Wise service is clearly meeting this need. As these figures show people feel more informed with a better understanding of their pension, after attending an appointment.

“But there is clearly more to do, which is why we are creating a Single Financial Guidance Body. This is a merger of Pension Wise with the Money Advice Service and the Pensions Advisory Service. This new joined-up service will make it simple for people to access free, high quality, impartial information to help them effectively manage their personal finances.”

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