MAS Not Giving Pension Guidance

MAS Not Giving Pension Guidance

The Money Advisory Service (MAS) has had the ability to give pensions guidance taken away. The Treasury has changed plans that had MAS play a key role in providing pensions guidance.

The new changes will see the Pensions Advisory Service giving non-face to face guidance and Citizens Advice giving face to face guidance. In July the Treasury Select Committee expressed concerns over MAS giving pension guidance.

Chancellor George Osborne said yesterday that giving people the “freedom to manage their own pensions” was a key part of the pension reforms.

The new guidance services will be available from April 2015 and people will be able to receive guidance via face to face meetings or telephone and internet.

MAS will still be playing a role in assisting the guidance services by helping to develop the online service and creating a directory for those who are interested in finding a fully regulated adviser.