In a follow up question, Mr Wakeford asked Guy for what take-up targets the government would be perusing in launching the new plans and Mr Opperman’s response unveiled surprising insights: “We want to increase awareness of Pension Wise guidance, present taking guidance as a natural part of the customer journey, and make it easier to book an appointment.
“Based on the results of the stronger nudge trials, we would expect that implementation of the nudge would lead to an increase in the take up of Pension Wise guidance. We do not intend to set a “target for the number of Pension Wise guidance sessions, or the number of members accessing pension savings in a given period who receive Pension Wise guidance. We will continue to monitor the use of advice and guidance when accessing pension savings, and take further action to encourage their use if appropriate.
“This is part of a number of measures aimed at increasing awareness of Pension Wise, which includes advertising campaigns and engagement with employers both nationally and locally.”