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Gov't to create single guidance body for pensions and debt

The government has announced plans to create a single body to offer guidance on pensions, debt and other money issues.

Gov't to create single guidance body for pensions and debt

The government will create a new single body to offer guidance on pensions, debt and other money issues.  

Plans to merge the Pensions Advisory Service (TPAS) and Pension Wise were unveiled in the Budget in March.

At the same time, the government set out plans to dismantle the Money Advice Service (MAS) and replace it with a smaller body to focus on debt and similar issues.

Following a consultation on the proposals, the government has now decided to scrap plans for a separate debt body in favour of creating a single financial guidance body.

The government said it made this decision after responses to the consultation raised concerns that more than one body might not work for consumers.

It did not provide further details on how this body will be designed or funded, but said it would consult on details in the future. Currently MAS, TPAS and Pension Wise are in part funded by a levy on financial services firms.

Pensions minister Richard Harrington (pictured) said a single body will be ‘more efficient’ for people looking for guidance.

‘We are committed to ensuring people can access the best free and impartial financial guidance possible,’ he said.

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