The hub will focus on specific problems, holistic money and pensions life event guidance, retirement and later life planning and taking a pension.

MAPS said the hub would reduce confusion over where to go by creating a single gateway for its pensions service.

The hub will feature a 'triage' function which will direct people to the support that best meets their needs.

It will expand MAPS’ video and digital offering to increase the range of ways consumers can be supported.

MAPS added that the cost savings made by the new service will also enable the service to provide increasingly tailored guidance for those who are most in need, such as the self-employed, those going through divorce and scam victims.

The new service will also integrate the MAPS Pensions Dashboard, enabling users to access their pensions information in one place.

The hub was revealed this week as part of MAPS new corporate plan.

Caroline Siarkiewicz, chief executive of the Money and Pensions Service, said:  “Feeling confident and in control of your financial situation is crucial, and is more important now than ever before, as people navigate their way through cost-of-living pressures.

“Our corporate plan outlines how MAPS will work in partnership with others to improve people’s financial wellbeing and build a better, more confident future. Delivering against our priorities will ensure that we are providing the best help possible to those that most need it during these challenging times.”

The 2023/24 Corporate Plan covers the second year of MAPS’ first ever three-year Corporate Strategy.