Pension Wise Digital: Expanding Pensions Guidance for a Digital Age

The UK’s Money and Pensions Service (MAPS) has taken a significant step forward by launching Pension Wise Digital, a digital version of its popular Pension Wise service. This development aims to expand access to free pension guidance by offering greater flexibility to individuals, particularly those unable to commit to traditional working-day appointments.

A More Flexible Approach to Pension Guidance

Until now, Pension Wise has been predominantly delivered through face-to-face and telephone appointments. While nearly 650,000 people have benefitted from this service since its inception in 2015, MAPS identified a need for greater flexibility. This new digital service allows individuals to access pensions guidance in their own time, empowering them to make informed decisions at their convenience.

Users of Pension Wise Digital will receive the same level of expert guidance as they would during a face-to-face or telephone appointment, but through a digital interface. The platform is designed to allow users to save their progress and return to it when suitable, making it a practical solution for those with busy schedules or irregular working hours.

Meeting the Needs of the Modern Consumer

The launch of Pension Wise Digital coincides with Pensions Awareness Week, highlighting the increasing importance of accessible financial advice in the modern world. Early testing of the platform has shown promising results, with a 94% customer satisfaction rate reported, demonstrating its effectiveness in meeting consumer needs.

The service is available to anyone over the age of 50 with a defined contribution pension. For those less confident with digital platforms, help is at hand with access to webchat support, manned by MoneyHelper’s pension specialists.

Accessibility and Inclusivity at Its Core

MAPS has prioritised inclusivity in the development of Pension Wise Digital, ensuring it is accessible to people from all four nations of the UK, regardless of their level of digital or financial literacy. Rigorous user research and accessibility testing, including a focus on neurodivergence, have helped shape the platform into a resource that can serve a diverse range of users.

Since the initial testing phase began in April, Pension Wise Digital has already supported over 5,000 people, reinforcing its potential to open up access to pension guidance to an even wider audience.

Looking Ahead

Jackie Spencer, head of Money and Pensions Policy at MAPS, expressed enthusiasm for the new service, stating: “Pension Wise Digital will help to engage more people in their pensions and reach those who may have struggled to access the service before.”

As more people approach retirement age, the demand for flexible, accessible pension guidance is set to grow. Pension Wise Digital could be a game-changer in ensuring more individuals receive the support they need to make informed decisions about their financial futures.

By embracing digital technology, MAPS is breaking down barriers and making essential pension advice accessible to all, ensuring that every individual can take control of their retirement planning on their terms.