TPAS to participate in DWP open market option initiative
10 October 2007
The Government in its Pre-Budget Report has published the findings of a review carried out by the Treasury and DWP into the workings of the open market option available at retirement to those who have built up pensions savings.
The review has produced a package of measures aimed at improving the operation of the open market option for scheme members. One of them is the setting up by TPAS of a web-based structured choice tool to guide people through their retirement income options.
TPAS is pleased to participate in this initiative. The need for this type of assistance is clear from many of the calls to our national telephone pensions Helpline. Many of the people who contact us do not understand what the term 'Open Market Option' means and have no idea of the choices available to them. Many also have pension fund values that are too small to be attractive to the independent financial advice market.
The tool was first developed as an aid to our Helpline operators in a very complex but important area of generic financial advice. However, given that we now have over half a million people a year accessing our web site, www.pensionsadvisoryservice.org.uk, we decided that we should adapt the tool to be easily used by any member of the public and available on the web.
This tool is one of a suite of such tools that we are developing to cover other areas of generic financial advice and which will appear on our web site over coming months.
Note for Editors
1.TPAS is an independent body supported by the Government which exists to provide free information and guidance to the public on pension matters generally.
2.TPAS provides a national pensions helpline 0845 601 2923 which is open 9.00 a.m. to 5.00 p.m. Monday to Friday.
3.TPAS acts as an impartial mediator in pension disputes involving occupational, personal and stakeholder pensions. It has no statutory powers and is not authorized to provide financial/investment advice.
4.TPAS provides a range of leaflets on different aspects of pensions. Details can be found on its main website www.pensionsadvisoryservice.org.uk.
5.TPAS also has a website dedicated to stakeholder pensions www.stakeholderhelpline.org.uk.
