General Pensions News
New public body offering debt advice, money and pensions guidance 11 October 2016
Ministers have decided to take forward plans to develop a single public financial guidance body which is responsible for delivering debt advice, money and pensions guidance to the public.
Earlier this year the government consulted on setting up a two body delivery model for government-sponsored guidance. This included replacing the Money Advice Service (MAS) with a new, streamlined, money guidance body, and bringing together the Pensions Advisory Service (TPAS) and Pension Wise into a new, pension guidance body.
Industry and consumer finance groups raised concerns about how two bodies might work together effectively and whether a single body would provide a better service for consumers.
Ministers have listened to these concerns and have decided that a single body would be better able to respond to the different financial guidance needs of consumers, making it easier for them to get access to the help they need to make effective financial decisions.
The Minister for Pensions, Richard Harrington, said:
“A single guidance body will be more efficient and will help consumers make the right financial decisions, and we are committed to ensuring people can access the best free and impartial financial guidance possible.”
The next steps will involve consulting on the best way to design a single body model, so legislation to create new public financial guidance bodies will not be included in the Pensions Schemes Bill.
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Review of the State Pension age 19 October 2016
An independent review of the State Pension age has been launched.
John Cridland CBE, the State Pension age independent reviewer, has called on the public and representative bodies to have their say as he publishes an interim report on ensuring the State Pension age remains affordable and fair for all beyond 2028.
The Pensions Act 2014 requires the government to review the State Pension age during each Parliament - the first report must be published before 7 May 2017.
Geographical extent – The Pensions Act 2014 covers England, Scotland and Wales only. The Pensions Act (Northern Ireland) 2015 covers Northern Ireland.
The Review is forward looking and takes note of the existing arrangements before April 2028 which are already law. At that point State Pension age will be two years higher than when it was first set in its current form 80 years ago.
Longevity is changing the pensions landscape, with significant increases in life expectancy seen over the past few decades. The choice of State Pension age is not a decision which can be taken lightly, as it affects when people across society decide to retire and has a significant impact on public finances. It follows that any change in State Pension age can only be considered after a close examination of the evidence and the fullest understanding of the impacts any change will have on individuals, government spending and the overall economy.
The people who will be most affected by this Review are defined in three generations that feature throughout the analysis:
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