Following the announcement that Debenhams stores are set to close, Nick Hill, customer advisory manager at the Money and Pensions Service, said:
“This is clearly a difficult time for all sectors, including retailers and following the news about Arcadia last night there will now be thousands of Debenhams staff who will understandably be very concerned about their jobs, pensions and overall financial security as a result of this news. Staff should check what they’re entitled to from their employer, including redundancy and holiday pay, and consider that they may need to review their wider financial situation.
“For any questions about how to handle your mortgages, debts or other money worries please visit the Money Advice Service website for free guidance.
“Before making any decisions about pensions, particularly at a stressful time, we would urge people to talk to our experts who will be happy to help. Your pension rights will depend on the scheme you’re in. If you’re unclear how you might be affected, call our pension specialists for free on 0800 111 3797.
“If you are a Debenhams customer, you should keep up any payments to store branded credit cards or buy now pay later schemes. Any missed payments will still have a negative impact on your credit rating.”
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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).