Treasury Minister unveils Pension wise
Pension wise: Your money. Your choice will be a first port of call for consumers, offering free and impartial information and guidance to people with a defined contribution pension approaching retirement.
From April 2015, over 300,000 individuals a year with defined contribution pension savings will be able to access them as they wish from when they turn 55.
The creation of Pension wise follows the announcement by Chancellor of the Exchequer George Osborne in the summer, that the Government will provide access to free and impartial guidance on how to make the most of the new pension freedoms, which come into effect in April 2015. The name of the guidance service is being published alongside an update on the implementation of the service.
Economic Secretary to the Treasury Andrea Leadsom said:
“People who have worked hard and saved all their lives will be free to choose what they do with their money from next April.
“We want people to be empowered to make informed and confident choices and I’m delighted to announce Pension wise: Your money. Your choice as the brand name for the impartial guidance service we are building.
“Pension wise will be a first port of call for people with a defined contribution pension who are approaching retirement. It is a distinctive brand, making it easy for consumers to know where to go for help and guidance.”
The new name and logo will be used by all those involved in providing the online, face to face and telephone guidance, making it trusted and accessible. The Government’s delivery partners are Citizens Advice (England and Wales), Citizens Advice Scotland and Northern Ireland Association of Citizens Advice Bureaux and The Pensions Advisory Service.
To mark the unveiling of the Pension wise brand, the Economic Secretary to the Treasury, Andrea Leadsom, is visiting The Pensions Advisory Service today where she will meet with some new team members from TPAS who will be offering telephone guidance as part of the Pension wise service.
In order to protect consumers from imitators of the service and ensure the guidance brand is trusted, the Government will make the imitation of Pension wise illegal through the Pension Schemes Bill. Anyone seeking to pass themselves off as the service could face prosecution.
In addition, The Financial Conduct Authority, which was set up by the Government is, alongside The Pensions Regulator , working hard to tackle pension fraud. It has strong powers to prosecute those behind illegal scams and earlier this year launched scam awareness campaign Scamsmart.
- Notes to Editors:
- From today anyone with a defined contribution pension who is approaching retirement and would like the chance to access the service as part of Pension wise’s piloting activities can register their interest at www.gov.uk/pensionwise
- Alongside the announcement of the brand, the Government is publishing an update on the guidance service which provides more details on the experience the user can expect with Pension wise.
- The service is designed around consumer needs, ensuring people will be able to access it via a broad range of channels. For most consumers the online facility will be an easy and convenient first point of contact and may be sufficient to meet some people’s needs. However, customers may also wish to book a phone guidance session with The Pensions Advisory Service or a face-to-face session with Citizens Advice to receive guidance relevant to their individual needs.
- After the appointment, all of Pension wise’s consumers will be provided with a summary document of their session so that they can proceed confidently.
- For updates on the announcement and tips about your pension planning follow @TPASnews