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...

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

FORTHCOMING DEVELOPMENT: In a Statement of Policy Intent dated 28 October 2020, the Department for Work and Pensions (DWP) announced ‘stronger nudge’ 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.

More specifically, the DWP announced it would commence FGCA 2018, s 19 (requiring the Secretary of State to make regulations which place a duty on trustees to refer members/beneficiaries to appropriate pensions guidance when dealing with applications to access pension savings using the pension flexibilities, and to ensure the member/beneficiary has either received the guidance (or some alternative regulatory guidance) or opted out of receiving it before proceeding with an application) and introduce and consult on draft regulations implementing the duty on trustees or managers of occupational pension schemes to deliver the nudge to pension guidance. This consultation is awaited. The DWP expects that the Pensions Regulator will provide guidance for trustees and managers to support them in complying with the new duty.

On 9 July 2021 the DWP finally launched a consultation on the proposed regulations under FGCA 2018, s 19 that would require trustees and managers of occupational pension schemes to ‘nudge’ individuals who wish

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