Commenting on the measures announced today by the FCA into the Defined Benefit pension transfer market, Carolyn Jones, Head of Pension Policy and Strategy at the Money and Pensions Service, said:
“The FCA is right to say it will be in most people’s best interests to remain in their Defined Benefit pension but we recognise that everyone’s situation is different. Some people may be thinking about accessing their pensions savings to help them get though a hard and uncertain time but it is not a decision that should be made in haste as it could leave people in a far worse position in the future.
The most important thing for anyone thinking about transferring to a different type of pension is that they take time to find out about all the implications. People with a transfer value of over £30,000 must by law get advice before moving their money but it is always a good idea to get independent financial advice or guidance before making important, irreversible decisions. Free and impartial pensions guidance is available by calling 0800 011 3797 and from The Pensions Advisory Service website.”
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Notes to editors
About the Money and Pensions Service
The Money and Pensions Service (MaPS) vision is: ‘everyone making the most of their money and pensions.’
MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP), and it has a joint commitment to provide access to the information and guidance people across the UK need, to make effective financial decisions over their lifetime. The organisation also engages with HM Treasury on policy matters relating to financial capability and debt advice.
MaPS brings together the free services previously delivered by the Money Advice Service, The Pensions Advisory Service and Pension Wise. MaPS offers customers guidance and appointments over the telephone, online and in person.
For further information visit the Money and Pensions Service website www.moneyandpensionsservice.org.uk
Consumers can continue to access free guidance about their money and pensions via the following websites and help lines: