Article preview: How to best encourage people to seek advice and guidance when it comes to their retirement income? That’s the question currently pondered by the Money and Pensions Service, who has started a series of behavioural trials designed to work out how to persuade savers to use their guidance services. The body is working with The Behavioural Insights Team to test a couple of different ways to encourage savers to seek guidance from Pension Wise. It’s working with three different pension providers, so the test covers a broad range of different savers.
Nudging pension savers towards guidance
This 551-word blog post explains why the Money and Pensions Service is investigating ways to ‘nudge’ pension savers to make a guidance appointment with Pension Wise, with nearly half of savers making important retirement income decisions without the benefit of guidance or regulated advice. Written on 27th October 2019.
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