Pension Essentials

The Pensions Advisory Service

The Pensions Advisory Service (TPAS) is an independent organisation that is grant-aided by the Department for Work and Pensions (DWP). It has a workforce of paid pensions specialists, supported by hundreds of expert volunteer advisers across the UK, who have many years’ experience working in the pensions industry. They give their time and expertise for free to help others with their pensions.

TPAS provides national pensions helpline answering general questions on pensions, helping savers make informed decisions about their retirement options. The helpline is available on 0300 123 1047, open 9.00 am to 5.00 pm Monday to Friday. It also provides an online webchat service, accessed via it’s website, operating Monday- Friday 9:00am- 6:00pm and an evening session every Tuesday from 7:00pm -9.00pm. Additionally, TPAS resolves pension complaints and also delivers the telephone channel for Pension Wise service.

You can find out more about the Pensions Advisory Service on their website: pensionsadvisoryservice.org.uk

Money Advice Service

The Money Advice Service, which was initially set up by the Government,  provides unbiased advice on money matters. It offers help by phone, the internet and face-to-face through a nationwide network of centres.

The service is funded by a charge levied on the financial services industry and collected by the City watchdog, the Financial Services Authority.

While it was initially set up by the Government, the service runs on an independent basis, with an independent chairman and board appointed by the Financial Services Authority.

You can find out more about the Money Advice Service on their website: moneyadviceservice.org.uk and by phone on 0300 500 5000.

Pension Protection Fund (PPF)

The Pension Protection Fund (PPF) was set up by the Government to protect the benefits of members. If you are a member of a defined benefit or cash balance scheme, and your employer goes out of business leaving the scheme without enough money to pay the benefits due, the PPF may pay you compensation.

You can find out more about the Pension Protection Fund on their website: ppf.co.uk

The Pensions Regulator

The Pensions Regulator  is the UK regulator of work-based pension schemes. It works with trustees, employers, pension specialists and business advisers, giving guidance on what is expected of them.

The Pensions Regulator is an executive non-departmental public body, sponsored by the Department for Work and Pensions.

You can find out more about the Pensions Regulator on their website: thepensionsregulator.gov.uk

Financial Services Compensation Scheme (FSCS)

The Financial Services Compensation Scheme (FSCS) exists to protect customers of financial services companies that have failed. If the company you’ve been dealing with has failed and can’t pay claims against it, we can step in to pay compensation.

You can find out more about the Financial Services Compensation Scheme on their website fscs.org.uk

Financial Ombudsman Service

The Financial Ombudsman Service can deal with complaints from consumers about most financial matters (including pensions).

Before the ombudsman can step in, the consumer must first give the business they are unhappy with the opportunity to look into the complaint itself – before the ombudsman service can make a decision on the dispute. The business has a maximum of 8 weeks to resolve the complaint. If they do not resolve it within 8 weeks or the consumer is not happy with the response then they can refer the complaint to the ombudsman service.

The ombudsman has the authority to request or require a company to offer financial compensation, correct a consumer’s credit file, or offer an apology, as a means of dispute resolution.

You can find out more about the Financial Ombudsman Service on their website:
financial-ombudsman.org.uk

Ditch Debt with Dignity

Ditch Debt with Dignity is a registered charity offering free and discreet confidential guidance and support to people privately struggling with their finances, but who are perceived to be financially stable. They assist to get people back on their feet so that they can continue supporting themselves and their families.

You can find out more about Ditch Debt with Dignity on their website: ditchdebtwithdignity.com

AdviceUK

AdviceUK are a registered charity which supports the UK’s largest network
of Independent Advice Services. They provide support to front-line centres / agencies that offer independent social welfare and legal advice to those in need.

You can find out more about AdviceUK on their website adviceuk.org.uk

The Decision Lab

The Decision Lab is a Canadian consulting think tank dedicated to democratizing behavioral science through research and analysis. We apply behavioural science to create social good in the public and private sectors. Since launching in 2013, we’ve become one of the leading publications in this space and have worked with organizations such as The World Bank, the Skoll Foundation and some of the largest financial institutions in Canada.

You can find out more about the Decision Lab on their website: thedecisionlab.com