Public Financial Guidance: Proposal for Consultation – a response by the Pensions and Lifetime Savings Association

The Pensions and Lifetime Savings Association (the Association) welcomes the Government’s proposal to merge Pension Wise and The Pensions Advisory Service (TPAS), which we argued for in our response to HMT’s original consultation. We believe this will improve the consumer journey and encourage savers to think about pension saving in the round by creating a one-stop-shop for pensions guidance. 

In establishing the new pensions guidance body, we believe the government should focus on the following priorities: 

• Ensuring it is accessible and clear to make the consumer journey as smooth as possible;
• Promoting awareness of the service and its branding so that savers are aware of what is on offer;
• Building on the partnership agreement that will sit between the new pensions guidance body and the reformed money guidance body; and
• Rationalising the funding of the new body, taking account of likely future innovations in the market and ensuring it is sustainable for the long-term.