Following the collapse of Thomas Cook, Jackie Spencer, Senior Policy and Propositions Manager at the Money and Pensions Service, said:
“This is a difficult time for thousands of travellers but there are also thousands of Thomas Cook workers who will be very worried about their pay, pensions and overall financial security as a result of this news. Staff should check what they’re entitled to from their employer, including redundancy and holiday pay. Pensions are protected – although the way this works varies depending on whether people are part of a defined contribution or defined benefit scheme. We’ve got up-to-date information on our website and anyone with questions about how to handle their mortgages, debts or other money worries can also call us for free, impartial guidance on 0800 011 3797.”
Thomas Cook employee FAQ – pension scheme & redundancy
About the Money and Pensions Service
The Money and Pensions Service vision is people making the most of their money and pensions.
The new organisation brings together the free services delivered by the Money Advice Service, The Pensions Advisory Service and Pension Wise.
The Arms-Length organisation is sponsored by the Department for Work and Pensions, with a joint commitment to ensuring that people have access and guidance to the information they need to make effective financial decisions over their lifetime. The organisation also engages with HM Treasury, which is responsible for policy on financial capability and debt advice.
Working hand-in-hand with stakeholders throughout the UK, the Money and Pensions Service ensures that money and pensions guidance is available to those that need it, adapting to people’s changing needs throughout their lives, offering services and appointments over the telephone, online and in person where appropriate.
For further information for stakeholders, they should 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:
www.moneyadviceservice.org.uk / 0800 138 7777