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Digital advice service for pensions launched by Government body

Digital advice service for pensions launched by Government body
Matt Browning
Written By:
Posted:
09/09/2024
Updated:
09/09/2024

The Money and Pensions Service (MaPS) has launched a new tool to support people looking for advice on their retirement fund.

Pension Wise Digital is an expansion of the service offered by the Government body, which was previously limited to help provided via conversations over the phone or video appointments online.

There are limitations on who can access the expert advice on the platform, which was launched at the beginning of Pension Awareness Week (9-15 September). To be eligible to book an appointment, you cannot be under 50 years old, have a defined benefit pension – which is also known as a final salary pension – or hold an overseas pension.

However, if you are ill and unlikely to return to work or have inherited a pension pot, you will be able to take advantage of the online support system.

You can also use the service if you have a protected pension you can access before the age of 55.

The web chat platform that provides free and impartial help and is monitored by pension experts from Money Helper, previously called Money Advice service.

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This new function is designed to give people seeking advice on their pension – which is set to rise to £400 next year – the flexibility to access help around their day-to-day life.

So if you are unable to make a face-to-face appointment during working hours in the daytime, the online service gives you the chance to have your pension queries answered at a time that suits you.

It also contains a saving function as you complete the questionnaire, so you can return to complete the forms that lead you to receive the specific help targeted to your circumstances.

The MaPS says the early reviews have been largely positive, scoring 94% on its customer satisfaction rating among the 5,000 recipients of the pension advice.

‘More people will help engagement with their pensions’

Jackie Spencer, head of money and pensions policy at the MaPS, is “so pleased” about the launch.

Spencer said: “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.”