Govt U-turns on MAS role in guidance guarantee

The retirement guidance guarantee will not be delivered by the Money Advice Service (MAS), the Treasury has said, in a reversal of the government's previous announcement.

The Citizens Advice Bureau (CAB) will provide face to face guidance to those approaching retirement, and telephone guidance will be provided by The Pensions Advisory Service (TPAS). In July the government said savers would receive free independent guidance from both MAS and TPAS when given unfettered access to their pension pots from next year. But over the weekend it was revealed that MAS' role will now be limited to acting behind the scenes, with some MAS staff being seconded into the Treasury to help "build the online part of the service and develop the guidance which will be provi...