TPAS and Citizens Advice to give pensions guidance

Pension pot

The Pensions Advisory Service (TPAS) and the Citizens Advice Bureau will provide pensions guidance to employees from April 2015.

The government has announced that TPAS will provide telephone guidance and the Citizens Advice Bureau will provide face-to-face guidance.

In July, the government announced in July that its guaranteed guidance on pensions choice will be provided by independent organisations rather than pension providers.

An online service will also be designed as part of the scheme.

MAS will not play a role in delivering the guidance but will be part of an implementation team to support the development of the website.

Chancellor George Osborne, said: “Giving people the freedom to manage their own pension is the backbone of this government’s pension reforms and key to our long-term economic plan.

That’s why I’m delighted that respected and impartial consumer advice organisations, Citizens Advice and The Pensions Advisory Service, will be offering free face-to-face and telephone guidance to people across the country from April, as promised in the Budget.

“These organisations have years of experience dealing with a variety of consumer issues and are well placed to be accessible to everyone who reaches pension age and feels they would benefit from the guidance.”

Gillian Guy, chief executive of Citizens Advice, said: “The right guidance can be the key to a financially stable retirement. People who have diligently saved year after year towards their retirement deserve to choose how to make the most of their pension pot and good guidance is central to helping people make the right decisions for them.

“As a trusted, independent charity, Citizens Advice is in a position to deliver face-to-face pensions guidance

“We have 75 years’ experience working at the heart of communities, helping people get to grips with their finances. It’s a natural fit for us to help people understand their pension options and make choices for their future.”

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Michelle Cracknell, chief executive of TPAS, added: “We are excited at the opportunity presented by the promise of a guidance guarantee to get more people than ever engaged in thinking about their retirement options.

“We hope that our combined knowledge, expertise and reputation will enable us to create the best service and customer journey possible for those reaching their retirement.”