Pension Wise website – Treasury in Talks with the Industry on Improvements to Website.

Thursday, December 3rd, 2015

hm_treasuryThe Pension Wise website and how to improve it are the topic of discussions between the industry and the Treasury.

Currently the average time spent on the site per visit is around three minutes, considerably less time than someone viewing the Scottish Widows site, where the average time spent is approximately 6 minutes.

Pensions Development Manager for Scottish Widows Robert Cochran says: “We have done some work with the Treasury and the behavioural insight team looking at the Pension Wise website and sharing some of our retirement freedoms experience”. He continued: “They were getting people staying on the site for only three minutes and ours is about twice as long so they wanted to learn about that.”

The Pension Wise website was described as “not fit for purpose” by the Work and Pensions committee in October of this year.

In a previous comment Harriett Baldwin, Economic secretary to the Treasury said “the Treasury was trying to make the site more ‘interactive’”.

A spokesman for the Treasury said: “Many consumers will not know what they need when they first visit the site and can visit numerous times.”

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In an era of pension freedom, people want to be able to gather as much information as possible so as to make an informed decision and one that is right for them. All too often financial advisers fees can be out of the reach of the average person and as such independent impartial advice that should come from a site like Pension Wise is invaluable and  a user friendly site all the more important.

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