UK pensions guidance – updates to member communications required

The new single public financial guidance body (SFGB) has been officially launched and named, and as of 6 April, schemes will need to update their member communications to replace references to the Pensions Advisory Service (TPAS) and Pension Wise with references to the SFGB.

The SFGB replaces TPAS, Pension Wise and the Money Advice Service (MAS), and their guidance functions were transferred to it in January this year. Since then, the SFGB has continued to provide services under the names of TPAS, Pension Wise and MAS pending a decision on its name.

The government has now made regulations naming the SFGB “the Money and Pensions Service” with effect from 6 April. The regulations also update legislation, including the occupational pensions disclosure legislation, to replace references to TPAS, Pension Wise and MAS with references to the Money and Pensions Service with effect from 6 April.

Schemes should therefore make plans to update their member communications so that they signpost members to the Money and Pensions Service rather than to TPAS and Pension Wise. If they have not done so already, schemes should also update their member communications to reflect the 2018 transfer of TPAS’ dispute resolution function to the Pensions Ombudsman.

The government has confirmed that the TPAS, Pension Wise and MAS brands, web content and tools will remain in place for several months and schemes can therefore continue to refer to TPAS and Pension Wise during this period. The SFGB will inform stakeholders when the new Money and Pensions Service brand will be adopted with sufficient time for schemes to make the necessary signposting changes to their member communications.