[author: Stephen Hancock]

On April 8, the Money and Pensions Service (MAPS) published a press release announcing its official launch, and a listening document on a national strategy for money and pensions and MAPS’ three-year corporate plan (together with an executive summary).

MAPS is consulting on the listening document until June 30. Written comments are invited and input will be obtained during a UK-wide program of “listening events.” Input from interested parties will influence MAPS’ strategy to collectively address building blocks to managing money and pensions well. MAPS will publish a national strategy and its corporate plan for 2020-2023 (setting out how MAPS will organize, encourage and monitor the national strategy) in autumn 2019.

MAPS has also published its business plan for 2019-2020 setting out the key performance indicators for the organization’s “transition year” during which it will continue the three services provided by Pension Wise, Money Advice Service (MAS) and the Pensions Advisory Service (TPAS). Among other things, MAPS expects to publish by the end of 2019/2020 the results of tests on different approaches for defaulting pension holders into guidance at the point they seek to access or transfer their pension savings. This will contribute to the evidence base for making the rules on referring pension scheme members to financial guidance required by sections 18 and 19 of the Financial Guidance and Claims Act 2018.

The new MAPS customer website will go live towards the end of 2019. Until then, guidance will continue to be available through the existing websites of MAS, TPAS and Pension Wise.