Pensions Wise and Pensions Advisory Service To Go

Further consultation was announced today by the Treasury in its Public Financial Guidance Review.

Its aim is to ensure all consumers can access the help they need to make effective financial decisions throughout their lives and is consulting on changes to this.

It recognises that there are currently both gaps in the free financial guidance available to consumers and duplication of what is available within Money Advice Service, The Pensions Advisory Service and Pension Wise. This is confusing for consumers.

As decisions on pensions are some of the most significant that individuals make and yet it is a subject that most are least informed about that the government is right to accept that it needs to continue to provide pensions guidance directly and as simply as possible.

The proposal is for there to be one new pension guidance body to replace the Money Advice Service, and merge the functions of TPAS and Pension Wise so consumers can get all their pensions questions answered in one place.

Its other jobs are be identifying gaps in the financial guidance market, providing a reduced down money guidance body, commissioning targeted debt advice, money guidance and financial capability projects or services to fill any gaps identified and providing funding for this.

A partnership agreement is to sit between the pensions guidance body and the money guidance body so consumers who need broader financial guidance on both pensions and money issues can be directed to the right places.