The Money and Pensions Service (MaPS) are working with the Behavioural Insights Team to trial two different approaches to direct savers towards Pensions Wise when they first access their pensions savings or enquire about their options. The trials are being conducted by three providers Aviva, Hargreaves Lansdown and Legal & General Investment Management and will cover 4,300 conversations.
The two approaches being trialled are either where the provider offers to book a Pension Wise appointment for the customer or where the customer is transferred to MaPS to make an appointment. These will be tested against the existing signposting to Pension Wise which is prescribed in the regulations.
The trial aims to help the FCA and DWP deliver their commitment to provide individuals with a stronger nudge towards pensions guidance when they look to access their savings. The number of Pension Wise appointments increased from 61,000 in 2015/16 to 167,000 in 2018/19 and the growth in demand is expected to continue.