More than three quarters of people have no intention of using the Government’s free retirement guidance service, while just 3 per cent know that it is called Pension Wise according to research from Portal Financial.
The survey of over 55s found 77 per cent intend to ignore the Government-backed services, with people less likely to use the service as they got older. While 32 per cent of people aged 55 to 59 planning to use it, just 16 per cent of over 65s intend to use the service, the poll found. The results were similar
Jamie Smith-Thompson, managing director at Portal Financial, said: “Our results indicate that the government has not done enough to explain the presence or benefits of Pension Wise. A guidance guarantee was announced almost a year ago, and the Pension Wise website is now live, yet 43 per cent of our respondents think The Pensions Advisory Service is the name of the service rather than an existing organisation that will help in providing the guidance.
“Although guidance is not a substitute for regulated advice, we urge the government to increase awareness of Pension Wise so people approaching retirement at least know the option is there. With the pension freedoms now imminent, it could prove disastrous if people make decisions without being aware of the range of options available.”