The government's creating a new pensions and debt advice service

Lynsey Barber
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Advice on money and pensions will be combined (Source: Getty)

A new service will be created to advise consumers about pensions and debt as the government puts plans into action to replace the much-criticised Money Advice Service (MAS).

A new body to provide people with financial guidance will be launched, combining MAS along with two pensions advice groups - the Pensions Advisory Service (TPAS) and Pension Wise.

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"Our government wants to give ordinary people more control over the lives, and that includes their financial security," said economic secretary to the treasury Simon Kirby.

"We strongly believe that creating one public guidance body is the best way of making it as easy as possible for people to access the help they need to get their financial questions answered."

Plans to replace MAS, first created in 2010, were announced by former chancellor George Osborne in the March Budget and a consultation on a replacement found greater support for a combined pensions and debt advice service rather than two separate ones.

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"A single guidance body will be more efficient and will help consumers make the right financial decisions, and we are committed to ensuring people can access the best free and impartial financial guidance possible," said minister for pensions Richard Harrington.

A timetable for introducing the as yet unnamed body has not been given.

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