Pension Advisory Service expects 50% increase in pension enquiries for 2015/16

17 September 2015

The Government-backed purveyor of independent and impartial guidance on pensions, The Pensions Advisory Service, has said it expects to receive around 150,000 pension-related enquires in 2015/16 in light of a continued lack of understanding over new  pension reforms and heightened media attention.

Speaking in a seminar entitled, ‘Pension reform – customer reactions and motivations under the new rules’ at this year’s Financial Service Expo (FSE) London, Michelle Cracknell, Chief Executive of the Pensions Advisory Service, welcomed the growing numbers seeking pensions guidance and suggested they would continue to rise.

She said: “In 2013/14 we looked after 76,000 customers. In 2014/15 we looked after 103,000. There was an unprecedented number of enquiries in August; last year we dealt with 320 calls per day; this year was just short of 400 calls per day. If we carry on this way we believe we will look after about 150,000 customers over the course of 2015/16.”

Cracknell went on to add that many of the enquiries handled were surrounding the new pension reforms but numbers were also on the rise due to additional media attention surrounding the pensions industry in general.

FSE London is taking place today at Old Billingsgate in the heart of London’s Square Mile. Alongside the seminar sessions it will offer delegates access to a range of lenders, providers and distributors actively looking to build relationships with the adviser community. Over 70 exhibitors will appear including lenders such as Accord, Lloyds Banking Group, Halifax Intermediaries, Santander for Intermediaries, Skipton Building Society, Virgin Money, and many more.