Nick Hill, money expert at the Money and Pensions Service commented:
“The measures announced in today’s Budget will continue to provide support for people impacted by the Covid-19 pandemic. However, we know how worried many people are about money right now and dealing with complex financial situations. It can be hard for many people to know where to start in terms of getting help, but it’s really important they know that they are not alone in this. Our Money Navigator Tool on the Money Advice Service website can help you find a way forward with your finances and help you understand what priority actions to take and where to go for specialist support.
“The freeze on the pensions Lifetime Allowance could impact those who have pension benefits that are approaching, or above, the lifetime allowance, though it is set at a high level so it won’t affect most people. If you think you will be impacted, you can speak to our pensions specialists by calling 0800 011 3797 or visiting www.pensionsadvisoryservice.org.uk who will help you understand what steps you can take.”
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About the Money and Pensions Service
The Money and Pensions Service (MaPS) is here to ensure every person feels more in control of their finances throughout their lives: from pocket money to pensions. When they are, communities are healthier, businesses are more prosperous, the economy benefits and individuals feel better off. MaPS delivers free and impartial money and pensions guidance to the public through the Money Advice Service, The Pensions Advisory Service and Pension Wise.
MaPS is working to make sure the whole of the UK understands that financial, physical and mental health are all deeply connected. MaPS’ role is to connect organisations with the shared purpose of achieving the five goals set out in the UK Strategy for Financial Wellbeing.
MaPS supports innovation so that everyone can use the most effective methods to help people feel more in control of their money, targeted to those most in need and inclusive of people from all backgrounds. MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP).