The Treasury announced on 21 July 2014 that the responsibility for delivering the Government's "guidance guarantee" on retirement had been jointly awarded to The Pensions Advisory Service (TPAS) and the Money Advice Service (MAS). Michelle Cracknell, the TPAS chief executive, has confirmed that this guidance will be delivered under a new single national brand.
Michelle Cracknell also suggested that the guidance would involve a five stage process. First, providers would need to give a "short and snappy and very clear" message so people are encouraged to take up the option of guidance; secondly, the member would need to book an appointment; thirdly, the member would need to do some basic preparation ahead of their appointment, which may be delivered face-to-face, over the phone or online; fourthly, the guidance itself would be delivered and; finally, a parting document would be handed over summarizing the session and offering a clear signpost to regulated, paid-for advice.
The FCA is currently consulting on retirement reforms and the guidance guarantee and is due to publish the results of this in the final quarter of 2014.