The Money Advice Service, Pension Wise and The Pension Advisory Service is to be replaced by a single body who will provide debt and pension guidance under one new body.
This is a change from what was announced in the 2016 Budget, when the thought was there would be two guidance services; one for pensions and one for debt.
The details of what this new body will comprise, what resources will be available and the timeframe for change are not yet known and the government will be inviting views via a consultation.
Having a resource for any individual, whether employed, self-employed or out of work to use to improve financial wellbeing is a good thing.
However, following the low uptake of Pension Wise, it will be interesting to understand the details, the target population this is intending to help and what resources will be available.
The government is to develop a single, public financial guidance body to provide individuals with easy access to pensions and money guidance, and debt advice. The new body will replace Pension Wise, The Pensions Advisory Service (TPAS), and the Money Advice Service. Plans laid out in the March 2016 Budget originally set out to develop two guidance bodies. This would have included replacing the Money Advice Service with a more streamlined equivalent, and bringing together Pension Wise and TPAS into a new pensions guidance body. A consultation into the restructure highlighted concerns over the effectiveness of two separate bodies, leading to the decision to instead develop a single body in order to provide a better experience for consumers. A consultation will be launched on the best way to design a single body model.