Pensions minister Guy Opperman says most of the staff who work for the three separate public guidance bodies as it stands will end up at the single financial guidance body once it is established.
In a letter published yesterday, Opperman gives more details about how the single body will be created from merging the Pensions Advisory Service, Money Advice Service and Pension Wise.
It explains that the Department for Work and Pensions has established a programme for managing the process which has representatives from the DWP, the Treasury and the three existing providers on it.
Once the chair and new chief executive of the body are appointed they will join the programme board to ensure a successful handover.
Opperman says: “I want to build on the wealth of skills and experience that staff in the existing services currently have. As part of the transition plans, we therefore anticipate most of the existing staff in MAS, TPAS and Pension Wise will transfer into the new body as part of a transfer scheme provided for.”
The pensions minister adds that the Government does not want to specify how the new body should deliver its functions as it is best placed to define them itself.
Regarding the introduction of a pensions cold calling ban Opperman repeated the line that the Government “has repeatedly stated its strong commitment to ban this activity during this bill”.
The Government’s response to the Work and Pensions Select Committee’s report on pension scams revealed tabling a workable amendment to the Financial Guidance and Claims Bill to ban cold-calling, and then making regulations to introduce the ban.