Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what assessment she has made of the impact of the stronger nudge to pensions guidance on Pension Wise guidance usage by pension savers.

The Stronger Nudge to pension guidance regulations were introduced in June 2022. In the year following this (June 2022 to May 2023) around 124,000 Pension Wise appointments were attended, and in the subsequent year (June 2023 to May 2024) around 119,000 appointments were attended. These figures represent a 14% and 9% increase, respectively, on the number of appointments prior to the introduction of the regulations.

Overall, Stronger Nudge has accounted for around 16% of attended Pension Wise appointments between June 2022 and October 2024, according to unpublished data from the Money and Pensions Service (MaPS).

Increases in Pension Wise uptake cannot be solely attributed to the Stronger Nudge regulations. The Department for Work and Pensions works closely with MaPS to understand what pensions guidance people are using and to help people get the right guidance at the right time, with further support available through multiple channels.

Depending on individual circumstances, these channels may direct people, through triaging, to Pension Wise (delivered by MaPS) or may help them decide Pension Wise is not appropriate for them at that time. For example, in the 2023/24 financial year, 258,000 people accessed the more holistic Money Helper pensions guidance (also delivered by MaPS). This is a 13% increase from 2022/23.