PARLIAMENTARY WRITTEN QUESTION
(3 January 2025)
Question Asked
To ask the Secretary of State for Work and Pensions, what proportion of defined contribution pensions were accessed after a Pension Wise guidance appointment in each of the last five years.
Asked by:
John Milne (Liberal Democrat)
Asked by:
John Milne (Liberal Democrat)
Answer
The information is not available. There are two sources which provide relevant data in relation to the request. The Financial Conduct Authority (FCA) publish the number accessing a pension pot in the contract-based market (from 2015/16 to 2023/24) and whether this was accessed following financial advice, a Pension Wise appointment (and no financial advice), or no financial advice or guidance: Retirement income market data 2023/24 | FCA.
The Money and Pension Service (MaPS) have previously published survey data on outcomes of Pension Wise appointments. A copy has been attached (see figure 12).
Answered by:
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