The Pension Advisory Service
Recent changes to the advisory roles in relation to pension advice on behalf of the government have meant the Money Advice Service has been replaced with two other departments.
Working together, The Pension Advisory Service and Citizens Advice will assist in creating a solution that is deemed to be more effective for the general public.
The Pension Advisory Service will deal with “over the phone” questions and immediate concerns, whilst Citizen Advice will be the “high street presence” offering face to face advice as a pre-arranged appointment. The online support model is being developed; it is believed staff from The Money Advice Service will be moved to this department.
This is all in conjunction with the government’s new amendment to make any imitation of the guidance guarantee and criminal offence.
Osborne commented: ‘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.
This follows on from the announcement in March by the Chancellor that people approaching retirement would benefit by receiving free guidance in relation to the new “Pensions Freedoms” which he announced in the budget.
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