Of interest to all schemes is HM Treasury’s announcement that the Citizens Advice Bureau (CAB) and the Pensions Advisory Service (TPAS) will be its guidance guarantee providers for those wishing to access their DC pensions savings flexibly under reforms to be introduced in April 2015.
The CAB will provide face-to-face guidance, while TPAS will provide telephone guidance. The Government is also developing a complementary online service.
The scope of the guidance is not yet clear, but the Government has confirmed that legislation underpinning the guidance will be published shortly, and will include an amendment making imitation of the guidance service a criminal offence.
View the Treasury announcement.