Successor | Money and Pensions Service |
---|---|
Founded | 1983 |
Founder | UK Government |
Dissolved | April 6, 2019 |
Type | Non-departmental public body |
Location | |
Area served | United Kingdom |
Services | Pension advice and support |
Official languages | English and Welsh |
Owner | UK Government through Department for Work and Pensions |
Revenue | Grant added by UK Department for Work and Pensions |
Website | www |
The Pensions Advisory Service (TPAS) was a British government body that provided free information, advice and guidance on state, company and individual pension schemes. Additionally they helped any member of the public who had a problem, complaint or dispute with their occupational or private pension arrangement. [1] [2] It was merged in 2019 to create its successor the Money and Pensions Service.
While it was operating it structured as a non-departmental public body and independent non-profit company limited by guarantee in the United Kingdom. [3] It was funded by receiving grants from Department for Work and Pensions. [2]
The service was provided by a nationwide network of volunteer advisers with the required knowledge and experience who were supported and augmented by a technical and administrative staff based in London. [2]
In January 2019 the UK government launched the Money and Pensions Service, combining the Money Advice Service, the Pensions Advisory Service and Pension Wise to form a single financial guidance body. [4] The decision to merge the organisations into one body was originally announced in March 2016 by HM Treasury and confirmed in the Queen's Speech of June 2017. [5] [6]
In March 2021, MaPS announced that it would be consolidating its three legacy consumer brands into one brand called MoneyHelper, to provide a better and enhanced consumer experience and a single source of information and guidance. [7]
The Department for Work and Pensions (DWP) is a ministerial department of the Government of the United Kingdom. It is responsible for welfare, pensions and child maintenance policy. As the UK's biggest public service department it administers the State Pension and a range of working age, disability and ill health benefits to around 20 million claimants and customers. It is the second-largest governmental department in terms of employees, and the second largest in terms of expenditure.
Citizens Advice is an independent organisation specialising in confidential information and advice to assist people with legal, debt, consumer, housing and other problems in the United Kingdom.
Jobcentre Plus is a brand used by the Department for Work and Pensions in the United Kingdom.
Forfás was the national policy advisory board for enterprise, trade, science, technology and innovation in Ireland. The agency was established in January 1994 under the Industrial Development Act, 1993 and was run by a board appointed by the Minister for Enterprise, Trade and Employment, to whom the agency was responsible. Forfás was dissolved on 1 August 2014 and its functions were transferred to the Department of Enterprise, Trade and Employment, Enterprise Ireland, the Industrial Development Authority and the Health and Safety Authority.
A self-invested personal pension (SIPP) is the name given to the type of UK government-approved personal pension scheme which allows individuals to make their own investment decisions from the full range of investments approved by HM Revenue and Customs (HMRC).
A financial adviser or financial advisor is a professional who provides financial services to clients based on their financial situation. In many countries, financial advisors must complete specific training and be registered with a regulatory body in order to provide advice.
Aegon UK (Aegon) is an Edinburgh based financial services provider specialising in pensions, investments and insurance.
Standard Life is a life assurance, pensions and long-terms savings company in the UK which is owned by Phoenix Group.
The Veterans Agency was an Executive Agency of the UK government's Ministry of Defence (MoD). It was amalgamated into the Service Personnel and Veterans Agency (SPVA) on 2 April 2007 under the brand Veterans-UK.
The Guaranteed Minimum Pension (GMP) is the minimum pension which a United Kingdom occupational pension scheme has to provide for those employees who were contracted out of the State Earnings-Related Pension Scheme (SERPS) between 6 April 1978 and 5 April 1997. The amount is said to be 'broadly equivalent' to the amount the member would have received had they not been contracted out.
The New National Consumer Council, operating as Consumer Futures, was a non-departmental public body and statutory consumer organisation in England, Wales, Scotland, and, for postal services, Northern Ireland. It was established by the Consumers, Estate Agents and Redress Act 2007, and began operations in 2008 by the merging of Postwatch, Energywatch and the Welsh, Scottish and National Consumer Councils under the Consumer Focus brand.
Australian Financial Services Licence (AFSL) is a legal licence provided by the Australian Securities and Investments Commission (ASIC) enabling the operation and activities of Australian financial services businesses. It is a legal requirement for any Australian financial service business to obtain an AFSL from the day business operations begin unless provided a limited licence or exemption with special provisions under section 911A(2)(l) of the Corporations Act. The AFSL is issued by ASIC under Chapter 7 of the Corporations Act 2001, in line with its regulatory supervision of the financial services industry. Australian Financial Service Businesses must submit an application to ASIC coupled with supporting documents to be assessed. Licensees are obligated to provide efficient, honest and fair financial services under the conditions of their AFSL and the Corporations Act 2001. Failure to follow and uphold the policies under the AFSL and the Corporations Act 2001 will result in penalties against the business.
The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom. It operates independently of the UK Government and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom.
Following the 2010 United Kingdom general election, the UK Government under the Cameron–Clegg coalition announced plans to curb public spending through the abolition of a large number of quasi-autonomous non-governmental organisations (quangos). This was styled in the national press as a "bonfire of the quangos", making reference to Girolamo Savonarola's religiously inspired Bonfire of the Vanities.
Suffolk Life was a British pensions administrator based in Ipswich, Suffolk. It mainly provided the administration of self-invested personal pensions (SIPPs), and personal pensions for private funds and self-invested funds of third party providers. Suffolk Life was a non-advice pension provider and was well known for commercial property expertise.
The Money and Pensions Service is a British organisation whose statutory objective is to develop and co-ordinate a national strategy to improve people's financial capabilities. The service provides impartial, free money and pensions guidance directly to consumers online and by telephone. Through partnerships, it also provides debt advice and pensions freedoms guidance to consumers, along with offering organisations such as employers syndicated money guidance content from its website.
Pension Wise is a British free and impartial pension advice service operated by the government of the United Kingdom. Pension Wise guidance is delivered via telephone and face to face appointments or online. The service is available to people aged 50 years and over with a defined contribution pension to help them understand what they can do with their pension pot(s).
Museji Ahmed Takolia CBE has served in public and government service. His main business interest is as a strategic adviser to Intellicomm Solutions Private Ltd (India). He was the chairman of Wye Valley NHS Trust from June 2014 to October 2016, when he resigned. He was appointed chair of the Pensions Advisory Service in February 2016. He was formerly group chairman of the Metropolitan Housing Partnership, a non-executive director of the schools regulator Ofsted, a senior civil servant in the Cabinet Office, and a board member of the Commission for Health Improvement. He was appointed a CBE during the 2011 New Year Honours for services toward Diversity and Equal Opportunities.
EV is a technology company based in the United Kingdom providing digital, personal finance advice with products that combine actuarial knowledge, asset modelling and risk management. The company maintains its head office in Benyon House, Newbury Business Park, Berkshire, with a smaller office in London.
The Financial Planning Association of Australia (FPA) is "Australia’s leading professional association for financial planners." The association has around 11,000 members and affiliates, with nearly 5,000 CERTIFIED FINANCIAL PLANNER® (CFP) professionals. The FPA offers different membership categories including CFP® Professional, Practitioner member - AFP®, Affiliate, Retired, Academic and Student Affiliate members. In addition to running a program of local events across Australia, the FPA also hosts an annual professionals Congress for members and non-members in the profession. The FPA operates 30 Chapters across Australia which are supported by Chapter Chairs and Regional Chapter Chairs. The Future2 Foundation is the charitable enterprise of the FPA, and funds are raised through a mixture of activities including networking and social events. Alongside its consumer-facing brand Money & Life the FPA also runs regular campaigns to raise awareness of the value of financial advice amongst Australian consumers.