Pension Wise launches digital service for appointments

15 November 2024

The government-backed Money and Pensions Service (MaPS) has introduced Pension Wise Digital, a free online retirement planning tool aimed at improving access to pension guidance. 

This new digital service allows anyone aged 50+ with a defined contribution pension to navigate retirement planning in a way that fits their schedule. MaPS believe this will be of special benefit to those unable to book phone or face-to-face appointments during regular hours.

Live webchat support will connect users directly with the service’s pension experts. Users can receive tailored guidance on pension income covering topics like annuities, pension drawdown and lump-sum options. 

After answering a series of questions on retirement goals, income, health and family considerations, the system creates a personalised checklist of action steps to help users make informed decisions.

To accommodate the busy lives of people today, the online appointments via Pension Wise Digitial can be paused at any time. All the information entered by the user will be saved for when they return. 

Delivering advice comparable to traditional Pension Wise appointments but in a digital format, early tests show an impressive 94% satisfaction rate. This suggests the service is meeting modern demands for accessible, flexible and comprehensive retirement planning support. 

Speaking about the launch, MaPS head of money and pensions policy, Jackie Spencer, said: “I am so pleased that we have launched Pension Wise Digital as a new digital appointment to Pension Wise.

“Pension Wise Digital will help to engage more people in their pensions and reach those who may have struggled to access the service before, so we’re looking forward to seeing how people make the most of this new service.

“MaPS will continue to offer its face-to-face and telephone appointments for those who would still prefer to use these channels, so no matter how you’d like to communicate with an expert, there is a Pension Wise option for you.”

Sources:

Money and Pensions Service (MaPS) has introduced Pension Wise Digital: Maps launches Pension Wise Digital. Pensions Age. Accessed 07 November 2024.

The online appointments can be paused at any time, with all the information saved for when you return: Pension Wise appointment options. MoneyHelper.org. Accessed 07 November 2024.