Following the announcement that Arcadia has gone into administration, Nick Hill, customer advisory manager at the Money and Pensions Service, said:
“This is clearly a challenging time for all sectors, including retailers and there will now be thousands of Arcadia staff who will understandably be very concerned about their jobs, pensions and overall financial security as a result of this news. We would recommend that Arcadia staff check what they’re entitled to from their employer, including redundancy and holiday pay, and to 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.
“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 customer of any of the Arcadia group’s stores, 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).