Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • October 2014
10

Citizens Advice and TPAS to provide free pensions guidance

Open-access content Monday 20th October 2014 — updated 5.13pm, Wednesday 29th April 2020

Citizens Advice has been chosen as the expert provider of free face-to-face pensions guidance, following the government’s announcement of new pension rules, it has emerged.

2

The Pensions Advisory Service will also provide free and impartial pension guidance over the telephone, Chancellor George Osborne stated at the weekend.

The rules will allow savers to take out their money from their pension pots when they reach the age of 55 and spend it as they see fit. Tax penalties will be reduced for those who withdraw their savings in a lump sum and those that leave their unused pension funds to others.

The provisions will come into force next April allowing people to take advantage of the pension freedoms.

Osborne said: 'Giving people the freedom to manage their own pension is the backbone of this government's radical pension reforms and key to our long-term economic plan.

'These organisations have years of experience dealing with a variety of consumer issues and are well placed to be accessible to everyone who reaches pension age and feels they would benefit from the guidance.'

Pension expert Ros Altmann added that most people saving for a pension do not understand 'all the vital' issues, adding that it was 'really important' that they received impartial help to make the best decisions for themselves.

Citizens Advice chief executive Gillian Guy said it was a 'natural fit' for them to have been chosen to help people understand their pension options and make choices for their future.

'The right guidance can be the key to a financially stable retirement. As a trusted, independent charity, Citizens Advice is in a unique position to deliver face to face pensions guidance.'

Michelle Cracknell, chief executive of TPAS, added: 'Our experience on the helpline is that our customers value the access to specialists and the bespoke and personalised conversations that we have with them about their retirement options.'

Commenting on the announcement, Huw Evans, deputy director general at the Association of British Insurers, said more clarity was still needed on what the guidance would actually look like and how the tax and regulatory aspects of the reforms would work in practice.

'It is now seven months since the Budget and time is beginning to run out to get this finalised. Pension providers remain committed to making the reforms work well for customers.'

This article appeared in our October 2014 issue of The Actuary .
Click here to view this issue

You may also be interested in...

2

DWP sets out plan to end NEST saving limits

The Department for Work and Pensions has today published draft laws that will remove the annual contribution limit and transfer restrictions on pensions schemes held with the National Employment Savings Trust (NEST) by April 2017.
Thursday 9th October 2014
Open-access content

University staff vote to strike over pensions

University staff across the UK have backed industrial strike action in a row over pension changes, according to a union.
Wednesday 22nd October 2014
Open-access content

Small firms would like auto-enrolment delay, ACA poll finds

Over 90% of small employers – those with 249 or fewer workers – want to delay their in auto-enrolment duties until ongoing pension reforms are completed, an Association of Consulting Actuaries poll has found.
Thursday 23rd October 2014
Open-access content

TPR plans new guidance following pension reforms

The new chair of The Pensions Regulator is to announce the organisation will provide new guidance to the scheme trustees as the government’s wide-ranging reforms are implemented across the sector.
Thursday 16th October 2014
Open-access content

NAPF urges government to create 'commission for pension savers'

The National Association of Pension Funds has called for the creation of an independent commission to oversee future legislation on saving for retirement.
Wednesday 15th October 2014
Open-access content
2

Universities make pension reform proposals

UK universities have put forward proposals to close the Universities Superannuation Scheme’s (USS) £8bn deficit. These could see final salary benefits being closed to new members and a defined contribution element introduced for high earners.
Monday 13th October 2014
Open-access content

Latest from Pensions

ers

By halves

Reducing the pensions gap between men and women is a work in progress – and there’s still a long way to go, with women retiring on 50% less than men, says Alexandra Miles
Thursday 2nd March 2023
Open-access content
rdth

Make My Money Matter's Tony Burdon on the practical power of sustainable pensions

Years working in international development showed Tony Burdon, head of Make My Money Matter, that sustainable pensions can harness trillions of pounds to build a better world – at a scale governments and charities can’t. He talks to Travis Elsum
Wednesday 1st March 2023
Open-access content
KV

Liability-driven investments: new landscape

What now for liability-driven investments, after last year’s crash in the market? Pensions experts Rakesh Girdharlal and Moiz Khan say it should lead to a more balanced approach
Wednesday 1st February 2023
Open-access content

Latest from October 2014

ABI: motor insurance costs continue to fall

The cost of comprehensive motor insurance fell to £356 in the third quarter of this year, down £2 on the second quarter, according to the Association of British Insurers.
Friday 31st October 2014
Open-access content

'Marked improvement' in PPF scheme deficits

Pension schemes that are members of the Pension Protection Fund saw a ‘marked improvement’ in their deficit over the last year, according to an analysis published today.
Thursday 30th October 2014
Open-access content
2

Climate change experts urge flood-risk reduction plan

The government and insurers should collaborate on a plan to reduce flood risk, the official advisory committee on climate change has said after finding that the uptake of sustainable drainage systems (SuDS) in new development was low.
Wednesday 29th October 2014
Open-access content

Latest from small_opening_image

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from inline_local_link

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from 10

ABI: motor insurance costs continue to fall

The cost of comprehensive motor insurance fell to £356 in the third quarter of this year, down £2 on the second quarter, according to the Association of British Insurers.
Friday 31st October 2014
Open-access content

'Marked improvement' in PPF scheme deficits

Pension schemes that are members of the Pension Protection Fund saw a ‘marked improvement’ in their deficit over the last year, according to an analysis published today.
Thursday 30th October 2014
Open-access content
2

Climate change experts urge flood-risk reduction plan

The government and insurers should collaborate on a plan to reduce flood risk, the official advisory committee on climate change has said after finding that the uptake of sustainable drainage systems (SuDS) in new development was low.
Wednesday 29th October 2014
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Leading Insurer/Asset Manager – Pricing Actuary (Mortgages)

London (Greater)
Competitive
Reference
148750

Senior Consultant - Risk Settlement - Any UK Location - Up to £100,000 plus bonus

London / Manchester / Edinburgh / Remote
Up to £100,000 + Bonus
Reference
148832

Finance Transformation Actuarial student/Qualified Actuary

London (Central)
£50,000 - £75,000 depending on experience
Reference
148830
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ