Responsibility for providing the Pension Wise service will transfer from HM Treasury to the Department for Work and Pensions (DWP), Harriett Baldwin, economic secretary to the Treasury, has announced.
The move will take place by 31 March 2016. The service and delivery partners will remain unchanged.
Baldwin also announced that the government will make core data avaialble to the public and will update it regularly. This includes information such as website visits and number of appointments.
Baroness Ros Altmann (pictured), minister for pensions, said: “Pension Wise is playing a vital role in ensuring that people have the guidance and support to decide what to do with their pension and what important issues they should consider. I look forward to this excellent work continuing at the Department for Work and Pensions.”
Steven Cameron, regulatory strategy director at Aegon, added: “The announcement marks a new phase for Pension Wise and is understandable given the service is more aligned with DWP’s key focus on pensions and retirement.
“However, it’s interesting timing when the Treasury and Financial Conduct Authority is carrying out the Financial Advice Market Review.
“Pension Wise has changed the landscape of what support options individuals have and we need to consider this when looking at broader innovations in the advice sphere for the benefit of consumers.
“The Financial Advice Market Review should consider if there are lessons to be learnt from Pension Wise including how it integrates with advice and if consumers might benefit from other parties offering similar guidance services.”