Pensions  

Providers transfer savers to Maps in new trial

Providers transfer savers to Maps in new trial

Pension providers such as Aviva and Hargreaves Lansdown are participating in trials to increase the number of people taking pension guidance.

New guidance provider the Money and Pensions Service is working with several pension companies to understand how savers can be encouraged “to seek guidance when they are thinking of accessing their pension pots,” a spokesperson said.

Maps, which was made up of the merger of Pension Wise, the Money Advice Service and The Pension Advisory Service, officially launched in April 2019 and is a joined-up service for all financial guidance.

Aviva and Hargreaves Lansdown have confirmed that they are working with Maps, but didn’t disclose any details about the project.

FTAdviser understands the work includes a proposal made by the Financial Conduct Authority in 2017 for pension schemes and providers to book an appointment with Pension Wise for clients who have asked to access or transfer their pensions.

It also includes providers transferring calls from consumers directly to Pension Wise as they come in.

As mentioned by Emma Haddad, director general of service excellence at the department for Work and Pensions, during a hearing last week before the Work and Pensions select committee, Maps is currently working with behavioural scientists to scope out these trials.

It emerged in June that the trials will form the basis for new guidance rules being developed by the FCA.

Baroness Peta Buscombe, the parliamentary under-secretary of state for pensions, said in a letter to Labour peer Lord Bill McKenzie at the time: “Following the publication of their evaluation report on the trials, the FCA will be developing their rules for a strong nudge to guidance for personal pension schemes.”

Paul Gibson, managing director at Granite Financial Planning, noted that those individuals contacting providers directly may benefit from having a conversation with Maps.

He said: "The problem may be relying on providers to make appointments or transfer calls. It sounds easy but some providers systems are so archaic it might be a step too far."

maria.espadinha@ft.com

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