The Money & Pensions Service (MAPS) has been tasked by the Government to improve the financial wellbeing of the UK, where wellbeing focuses on improvements in capability and confidence, to manage personal finances and obtain better outcomes in life.
MAPS have announced their intention to launch a new retirement hub which will initially consist of a Mid-Life MOT and a Holistic Retirement Planning Toolkit from 2023 with their Pension Dashboard from 2024.
Workplace pensions are already being considered within the wider context of employee benefits more holistically, and in turn employee benefits are starting to be considered within the context of mental, financial and physical wellbeing of employees.
Employers will be asked to play a key role. MAPS are undertaking experiments in partnership with NEST and a number of volunteer employers to pilot payroll savings schemes, which operate as an extension of auto enrolment.
The MoneyHelper site has already been launched by MAPS, which replaced the Money Advice Service, the Pensions Advisory Service and Pension Wise. It provides free and impartial debt advice, money guidance and pension guidance to members of the public.
Find out more about our Financial Wellbeing services here.