UK. DWP launches ‘Stronger Nudge’ plans to boost Pension Wise usage
Pension Wise is a public website/service set up by government to help people understand their pensions and seek additional guidance if needed. Today, the Department for Work and Pensions (DWP) has launched plans to boost pension guidance take up by “nudging” people towards the help available.
Pension assets can be notoriously confusing and tricky to manage given their complexity and rules which change from scheme to scheme. To address these issues, the government set up Pension Wise in 2015 to offer impartial guidance to people who may have a multitude of questions.
On this, the government will now take further steps to ensure people engage with crucial pension guidance wherever possible.
Following successful trials, occupational pension scheme members will be steered towards taking Pension Wise guidance when they seek to access their pensions.
The trials performed by the Department for Work and Pensions (DWP) reportedly 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.
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