The pensions guidance offered by the Money and Pensions Service (MaPS) since 1 January 2019
The pensions guidance offered by the Money and Pensions Service (MaPS) since 1 January 2019

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

  • The pensions guidance offered by the Money and Pensions Service (MaPS) since 1 January 2019
  • Objectives of the MaPS pensions guidance
  • Who delivers the MaPS pensions guidance?
  • Criminal offence of impersonating MaPS
  • Who is the MaPS pensions guidance offered to?
  • Legislative framework for the MaPS pensions guidance
  • Responsibility for the guidance standards
  • Signposting the MaPS pensions guidance to members
  • Requirement to opt out of the MaPS pensions guidance
  • How is the MaPS pensions guidance funded?
  • More...

STOP PRESS: On 11 February 2021 the Pension Schemes Bill received Royal Assent becoming the Pension Schemes Act 2021 (PSA 2021).  Among other things Part 5 of the PSA 2021 introduces new restrictions on transfers between schemes unless certain conditions are satisfied.

The new restrictions are aimed at protecting members from pension scams. The conditions to be satisfied are to be set out in regulations to be consulted and which have yet to be published. However, it is understood that they will include conditions about the member’s employment or place of residence, as well as the provision of evidence in relation to employment or residence. The trustees of the transferring scheme will not have to comply with the time period for implementing a transfer request if they cannot do so due to a prescribed condition not being satisfied.

For more information on the PSA 2021, see News Analysis: Pension Schemes Bill receives Royal Assent.
FORTHCOMING DEVELOPMENT: On 28 October 2020 the Department for Work and Pensions (DWP) issued a Statement of Policy Intent announcing measures to encourage people to engage with Pension Wise, a free service which provides impartial guidance for people over 50 years of age with an occupational pension. The ‘stronger nudge’ measures are part of a package which aim to facilitate informed decision making

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