The Money and Pensions Service guidance on and from 1 January 2019
The Money and Pensions Service guidance on and from 1 January 2019

The following Pensions guidance note provides comprehensive and up to date legal information covering:

  • The Money and Pensions Service guidance on and from 1 January 2019
  • Objectives of the Money and Pensions Service guidance
  • Who delivers the Money and Pensions Service guidance?
  • Criminal offence of impersonating Money and Pensions Service
  • Who is the Money and Pensions Service guidance offered to?
  • Legislative framework for the Money and Pensions Service guidance
  • Responsibility for the guidance standards
  • Signposting the Money and Pensions Service guidance to members
  • Requirement to opt out of the Money and Pensions Service guidance
  • How is the Money and Pensions Service guidance funded?
  • more

THIS PRACTICE NOTE APPLIES IN RELATION TO FLEXIBLE BENEFITS

As part of the pensions freedoms (also known as pension flexibilities) introduced on 6 April 2015, all scheme members with 'flexible benefits' (effectively, money purchase and cash balance benefits) are entitled to free impartial guidance at retirement to help them make the most of their pension savings. This is referred to in this Practice Note as the ‘Money and Pensions Service guidance’.

This guidance service was first launched on 6 April 2015 under the Pension Wise brand. It has been delivered by the Money and Pensions Service (previously known as the Single Financial Guidance Body) since 1 January 2019, although it currently remains available via the ‘Pension Wise’ website. This is expected to remain the case until the end of 2019, at which point the new Money and Pensions Service customer website is expected to go live.

This Practice Note focuses on the Money and Pensions Service guidance, as delivered on and from 1 January 2019.

For information on the pensions guidance before 1 January 2019, see Practice Note: The Pension Wise guidance before 1 January 2019 [Archived].

For further information on the pensions freedoms, see Practice Note: Pension freedoms—an introduction.

Objectives of the Money and Pensions Service guidance

As before 1 January 2019, the primary objective of the Money and Pensions Service guidance is