The new single public financial guidance body (SFGB) has been officially launched and named, and as of 6 April, schemes will need to update their member communications to replace references to the Pensions Advisory Service (TPAS) and Pension Wise with references to the SFGB.

The SFGB replaces TPAS, Pension Wise and the Money Advice Service (MAS), and their guidance functions were transferred to it in January this year. Since then, the SFGB has continued to provide services under the names of TPAS, Pension Wise and MAS pending a decision on its name.

The government has now made regulations naming the SFGB "the Money and Pensions Service" with effect from 6 April. The regulations also update legislation, including the occupational pensions disclosure legislation, to replace references to TPAS, Pension Wise and MAS with references to the Money and Pensions Service with effect from 6 April.

Schemes should therefore make plans to update their member communications so that they signpost members to the Money and Pensions Service rather than to TPAS and Pension Wise. If they have not done so already, schemes should also update their member communications to reflect the 2018 transfer of TPAS' dispute resolution function to the Pensions Ombudsman.

Visit us at mayerbrown.com

Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the "Mayer Brown Practices"). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe – Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a Hong Kong partnership and its associated entities in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. "Mayer Brown" and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.

© Copyright 2019. The Mayer Brown Practices. All rights reserved.

This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.