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The Pensions Advisory Service launches Annual Review 2016-2017

The Pensions Advisory Service's Annual Review 2016/17, published today, highlights the service’s accomplishments over the last 12 months and continues to evidence the importance and benefits of independent and impartial guidance on pensions and later life planning.

Over the last 3 years, TPAS has seen a 143% increase in customer contacts and 129% increase in customers it has helped through its national multi-channel service, helping 180,500 customers in 2016-17 alone. In addition, 3,300,000 people visited the website seeking out pension information. Furthermore, TPAS helps customers who have issues with the pension scheme or provider and were able to help the parties resolve 88% of cases.

The cost per customer has fallen to £31, £1.57 if website visitors are included in the numbers.

Michelle Cracknell, Chief Executive, TPAS said:

“The Pensions Advisory Service has continued to grow over the last 12 months, helping  even more people with their pension queries and retirement planning needs. We are very proud of our performance in growth of customer numbers and high customer satisfaction.  We are also pleased to report a reduced cost per customer demonstrating the efficiencies that we have introduced.

The need for this service today is as great as, if not greater than, it was in 1982 when we were formed with the foresight and enthusiasm of Margaret Grainger and colleagues. Over the last 35 years, we have been able to build on her idea and help so many customers. It is our focus in 2017-2018 to find ways of helping more customers that contact us

I would like to thank our specialist volunteers and staff, some of whom have been with the organisation for many years for their continued dedication to the service and our customers. It is through their diligence and commitment that we have achieved another year of success

I would also like to thank the industry for their support of the service with active signposting of customers to us where we can help.”

In 2017, the Government committed to making sure that good quality, impartial financial guidance and debt advice is available to everyone through the introduction of a Single Financial Guidance Body.

Ann Harris OBE, Chair, TPAS said:

“We are delighted that the Government has identified that there is a continuing need for public financial guidance, which is independent and impartial. We also support the three key principles on which the body will be designed: consumer focus, value for money and sustainability.

As an organisation, TPAS will continue to deliver and develop its services so that today’s customers continue to be served and also, to work with the Department for Work and Pensions on the successful formation of the new Single Financial Guidance Body.”

The full Annual Review 2016/2017 report is available for download here

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