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How we can help
When a business faces a major event such as restructure, sale or insolvency, this causes natural concern. For some the changes may bring opportunities through redundancy, redeployment, retraining or retiring early but it will also bring a need to review your financial situation and questions about how best to handle the impact on your finances.
The Money and Pensions Service (MaPS) helps people make the most of their money and pensions. We offer impartial and free information and guidance on pensions and money issues, as well as supporting the provision and funding of debt advice. You can contact MaPS across a range of channels with any money and pension related question or issue that you may have.
We will not tell you what you need to do or what products you should choose, but we will help you think through the implications and, when necessary, talk you though how you can access regulated financial advice and stay safe in your financial dealings.
We operate under a number of brands. Our service will never contact you out of the blue, recommend any product and it is illegal to impersonate MaPS, Pension Wise, The Pensions Advisory Service or Money Advice Service. We know that when local areas are affected by the closure of a major business or pension scheme change people can become targets for unscrupulous practice. Our role is to offer a safe place to go with any money and pensions worries that you may have.
A summary of the three services that make up the Money and Pensions Service is outlined below along with details of online information.
The Money Advice Service
Money guidance helpline: 0800 138 7777
The Money Advice Service is an independent organisation. It gives free, unbiased money guidance online at moneyadviceservice.org.uk or via free phone on 0800 138 7777. Debt advice is also provided through a variety of partners across the UK.
The Service was set up by Government and is paid for by a statutory levy on the financial services industry, raised through the Financial Conduct Authority. Its statutory objectives are to enhance the understanding and knowledge of members of the public about financial matters (including the UK financial system); and to enhance the ability of members of the public to manage their own financial affairs.
The Pensions Advisory Service
www.pensionsadvisoryservice.org.uk
Pensions helpline: 0800 011 3797
The Pensions Advisory Service provides expert, free, independent and impartial guidance to members of UK pension schemes on pension and retirement saving issues.
In 2018-19 we provided personalised pensions guidance to 217,000 customers across a wide range of pension related issues and in particular to people facing particular difficulties or challenges – whether that be things like thinking through the impact on pensions of a divorce or offering support making important decisions such as whether to transfer valuable pension benefits.
We offer our services through a range of channels; freephone telephone helplines, webchat, Digitally enabled virtual appointments, email, hardcopy mail and referral, outreach and a dedicated website. There is no question too small or too big!
Pension Wise
Appointment booking line: 0800 138 3944
The remit of Pension Wise is to offer anyone over the age of 50 with a defined contribution pension a free appointment to talk through the options they have available to take their pensions savings, what things to think about and how to avoid falling victim to a pension scam.
Pension Wise appointments can be had either by phone or face to face through our network of Citizens Advice partners but people can also access information and check what type of pension arrangement they have online at www.pensionwise.gov.uk.
When a company is making redundancies or goes insolvent, this is a particularly important time to review your pension situation particularly if you are likely to receive any type of additional payment. If you have a defined contribution workplace pension are aged 50 or above you may find it helpful to book a Pension Wise appointment.
Useful information and guides
Our websites also contain a number of other guides and tools that may be useful including:
- The Redundancy Handbook (available as a printed guide and PDF)
- A guide to making the most of your redundancy pay.
- Information on benefits and tax credits when you have lost your job
- Where to find support if you’re in debt
- Information on the impact of pensions and keeping your money safe: