Post Office Card Account

Department for Work and Pensions written question – answered on 23rd February 2015.

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Photo of Baroness Byford Baroness Byford Conservative

To ask Her Majesty’s Government, further to the Written Answer by the Minister of State for Pensions, Steve Webb MP, on 21 May 2012 (HC Deb, col 506W), how many of the targeted 700,000 Post Office card accounts have been migrated to mainstream bank accounts and how many Post Office account users have refused to give up their Post Office account.

Photo of Lord Freud Lord Freud The Parliamentary Under-Secretary of State for Work and Pensions

For reasons of financial inclusion the Post Office Ltd (POL) were financially incentivised to migrate 700,000 users of Post Office card accounts to mainstream bank accounts over the life of the current contract. As part of this contract Government is not responsible to pay for the upkeep of these 700,000 accounts. Through the life of the contract to date, customer volumes have reduced by approximately 1.1m, achieving a saving for the Government on these accounts. The extent to which POL has achieved this reduction through attrition or migration is a matter for POL.

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