Pensions - how well prepared are you? Taunton Deane CAB advice sessions start in April

Each delivery centre will have between three and seven paid members of highly trained staff providing pensions guidance. Staff numbers will depend on local population and size of area covered by the delivery centre.

Face to face Pension Wise appointments will be available at delivery centre bureaux.

The bureaux will also use a range of outreach locations to deliver guidance throughout England and Wales to ensure maximum access to the face to face service.

People will be able to go into any Citizens Advice Bureau to find out about the Pension Wise service, whether they’re eligible and be referred to book in with the nearest delivery centre.

People will also be able to access guidance and information over the phone from The Pensions Advisory Service (TPAS) and online through the Pensions Wise website.

The national Citizens Advice service is working with the Treasury to make sure as many people as possible can easily access a face to face Pension Wise session.

To maximise coverage the national charity is expected to announce a small number of extra delivery centres soon.

Nationally, Citizens Advice has had an excellent response to its recruitment drive for Pension Wise agents and caseworkers.

People recruited to both roles will receive rigorous training and will deliver the pensions guidance as developed by HMT, TPAS and Citizens Advice.

Staff will be assessed to ensure they meet FCA standards before they start offering guidance to the public.

Liz Fothergill, chief officer at Taunton said: “Good guidance is a crucial step towards a financially stable retirement.

"We have a strong history of helping people across the Taunton Deane area.

"We already support people with many of the issues affecting retirement so we’re pleased to be a delivery centre for Pension Wise.”

KEY POINTS.

*Taunton and District Citizens Advice Bureau will help people in the Taunton Deane area to understand their options under the new pension rules.

*The new pension freedoms offer more choice, but it is vital that people understand their options.

*CAB has a strong history of helping people across Taunton navigate complex issues and a strong understanding of how people make decisions. We already support people with many of the issues affecting retirement including pensions as well as problems like debt.

*The guidance service will be up and running in good time for the Government’s pensions reforms coming in on April 6.

WIDER BRIEFING.

*From April this year, people will no longer be required to buy an annuity. Instead they will be able to access their defined contribution pensions and use the savings as they choose.

*The guidance will be free and impartial. It is not financial advice. We will not be recommending specific products or providers.

*The guidance will be tailored to an individual’s circumstances to empower them to make informed decisions about how to use their pension and adhere to standards set by the FCA.

*Pensions guidance staff at will receive rigorous training and will be delivering the pensions guidance developed by HMT, TPAS and Citizens Advice. Staff will be assessed to ensure they meet FCA standards before they start offering guidance to the public.

DIFFICULT QUESTIONS ANSWERED BY CAB.

*When will appointments be available?

The face to face pensions guidance channel will be up and running ahead of the Government’s pension reforms coming into place in April 2015.

People can register their interest in the service at gov.uk/pensionwise.

*Will it go far enough?

The guidance will enable people to better understand the market and ensure they know what questions to ask before they commit to decisions about their pension. It will also signpost them to any next steps they might want to take before making any choices.

*Is there a danger that people will lose their savings if they invest badly? What about scams?

Citizens Advice Bureaux already help people who are worried about scams, including around pensions and investment. We have mechanisms in place to make sure these are referred for investigation. As part of Pension wise Citizens Advice will make sure people know what to look out for so they can avoid falling victim to scams *Will the advice offered be the same whether people go to CAB, TPAS or online?

We are developing the pensions guidance in partnership with the Treasury and TPAS. All staff delivering the pensions guidance will have knowledge in accordance with the standards set by the FCA.

The Treasury is responsible for developing the guidance guarantee and is leading on the online guidance channel. The Pensions Advisory Service (TPAS) will deliver the phone channel.

*Why are there two different roles – agent and caseworker? Will people get better advice depending on which they speak to?

Both agents and caseworkers will deliver frontline face to face pensions guidance.

Agents will deliver frontline pensions guidance and will deal with most people as they come for their pensions guidance.

Caseworker is a more senior position where staff have more pensions experience. They will help with cases where people seeking guidance may be vulnerable or have more complicated situations, such as separation or domestic abuse.

This model reflects the way Citizens Advice successfully works across many different areas, including for example debt and employment.