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| Money and Pensions Service | |
|---|---|
| Name | Money and Pensions Service |
| Formation | 2019 |
| Predecessor | Money Advice Service, Pensions Advisory Service, Pension Wise |
| Type | Non-departmental public body |
| Purpose | Financial guidance and pensions support |
| Headquarters | London |
| Location | United Kingdom |
| Region served | United Kingdom |
| Leader title | Chief Executive |
| Parent organisation | Department for Work and Pensions |
Money and Pensions Service is a UK non-departmental public body created to provide impartial citizens financial guidance, consolidate Money Advice Service services and deliver pension guidance formerly provided by Pensions Advisory Service and Pension Wise. It aims to improve outcomes for retirement planning, household finance and consumer protection through advice, research and partnership with financial services regulators and charities. The organisation operates alongside entities such as the Department for Work and Pensions, Financial Conduct Authority, The Pensions Regulator and Citizens Advice.
The organisation was established under measures introduced in the aftermath of reforms involving the Pensions Act 2008, Pensions Act 2014 and initiatives following the Global Financial Crisis to centralise public financial guidance services; its formation drew on work from the Money Advice Service, Pensions Advisory Service and the Pension Wise programme. Early strategic planning referenced collaborations with bodies such as HM Treasury, Cabinet Office, Financial Services Compensation Scheme and think tanks like the Resolution Foundation and Institute for Fiscal Studies. Launch and subsequent restructuring occurred amid policy debates involving autumn budgets and statements from Secretaries of State at the Department for Work and Pensions. Its timeline intersects with notable public policy events such as the implementation of automatic enrolment and the expansion of defined contribution pension freedoms.
The organisation is governed by a board of non-executive directors and an executive team reporting to ministers at the Department for Work and Pensions; board appointments have been made in consultation with offices including the Prime Minister of the United Kingdom and the Secretary of State for Work and Pensions. Governance arrangements reflect interactions with statutory bodies such as the Financial Conduct Authority and oversight bodies such as the National Audit Office, while corporate functions liaise with institutional partners like Nesta, Age UK, Which? and Fair4All Finance. Senior leadership roles have attracted candidates from BBC, HM Revenue and Customs, Big Society Capital and the Institute for Government, reflecting cross-sector experience in public administration, finance and consumer protection.
Core functions include national financial guidance, digital tools, telephone advice and face-to-face appointments built on services provided by Money Advice Service, Pensions Advisory Service and Pension Wise. Services cover retirement planning for defined contribution pension members, budgeting support relevant to claimants of Universal Credit, debt advice intersecting with Debt Relief Orders and savings guidance relevant to Individual Savings Accounts. It publishes research and data informing stakeholders such as The Pensions Regulator, Financial Conduct Authority, ONS and charities including Turn2us and StepChange. The organisation also develops online calculators, works with platforms used by HSBC, Barclays, Lloyds Banking Group and Nationwide Building Society, and offers specialist liaison with occupational pension schemes, trustees, scheme administrators and actuaries linked to institutions like Towers Watson and Legal & General.
Funding is provided through arrangements with the Department for Work and Pensions and, historically, through levies and contributions coordinated with bodies such as the Financial Conduct Authority and industry stakeholders including Association of British Insurers and Pensions and Lifetime Savings Association. Annual budgets have been scrutinised by the National Audit Office and Treasury officials at HM Treasury for value-for-money and alignment with wider public spending reviews led by the Office for Budget Responsibility. Financial planning considers operational costs for digital platforms, partnerships with local authorities and contracts with suppliers from the Crown Commercial Service framework and private sector firms such as Accenture and Capgemini.
Accountability mechanisms include periodic review by the Department for Work and Pensions, financial audit by the National Audit Office and regulatory coordination with the Financial Conduct Authority and The Pensions Regulator. The organisation must comply with statutory requirements tied to the Pensions Act series and public sector governance standards used by agencies like the Civil Service Commission and auditing frameworks applied by the Public Accounts Committee. It publishes annual reports and corporate plans that are scrutinised by parliamentary committees including the Work and Pensions Select Committee and subject to freedom of information requests under the Freedom of Information Act 2000.
Partnerships span charities and advocacy groups such as Citizens Advice, Age UK, MoneySavingExpert, StepChange Debt Charity and Resolution Foundation, and commercial stakeholders including high street banks and pension providers like Standard Life and Aviva. Outreach includes nationwide campaigns linked with initiatives such as Pension Awareness Week, collaborative pilots with local delivery partners like London Borough of Hackney and digital inclusion projects with organisations such as Good Things Foundation and Royal Voluntary Service. International engagement and comparative work reference agencies like the U.S. Social Security Administration, Australian Securities and Investments Commission and research institutions including Cass Business School and the London School of Economics.