Money and Pensions Service – Listening document
The Money and Pensions Service (aka the single financial guidance body) is bringing together the Money Advice Service, Pension Wise and The Pensions Advisory Service. They are asking stakeholders to feed in their hopes and aspirations for the new body and to help shape its strategy.
LITRG’s main recommendation for the new body is that it should play a central role in delivering a pensions freedoms ‘advice’ service, as the existing ‘guidance’ model offered through Pension Wise is inadequate. This could help tackle the problem of people withdrawing their entire pension pots and putting the money in the bank instead, triggering completely avoidable tax charges and benefit withdrawal issues.
LITRG attended the Money and Pensions Service ‘listening event’ in London on 20 and have now submitted a written response to their listening document.
Their National Strategy should be launched by end of November 2019.
The LITRG submission can be found here: Money and Pensions Service – Listening document – LITRG response
Meredith McCammond