Pensions: Consumer Information

Department for Work and Pensions written question – answered on 24th May 2019.

Alert me about debates like this

Photo of Paul Masterton Paul Masterton Conservative, East Renfrewshire

To ask the Secretary of State for Work and Pensions, how much funding (a) has been and (b) is planned to be allocated to the Money and Pensions Service for the delivery of pensions dashboards in (i) 2019-20 and (ii) each of the three subsequent years from (A) the financial services levy on FCA-regulated firms, (B) the general levy on pension schemes and (C) general taxation.

Photo of Paul Masterton Paul Masterton Conservative, East Renfrewshire

To ask the Secretary of State for Work and Pensions, how funding for the Money and Pension Service for delivery of pensions dashboards will be allocated between (a) the delivery of a non-commercial dashboard hosted by the Money and Pensions Service and (b) the Industry Delivery group for implementation of the wider project.

Photo of Guy Opperman Guy Opperman The Parliamentary Under-Secretary of State for Work and Pensions

Pensions dashboard are a priority of this Government. The Government is committed to ensuring that the Money and Pensions Service has the funding necessary to develop the non-commercial dashboard and to work with industry, through the Industry Delivery Group (IDG), to develop the dashboard architecture.

The Money and Pensions Service has £8.2m funding for 2019/20 to begin development of the non-commercial dashboard and the dashboard architecture. This funding consists of:

  • £1.2m from the Department’s Autumn Budget 2018 settlement to cover the initial set up costs for the Industry Delivery Group.
  • £4.7m from the pensions guidance element of the Financial Services Levy.
  • £2.3m from the General Pensions Levy.

We will continue to work with the Money and Pensions Service to understand the future development and ongoing maintenance costs over future years, including over the next three years to ensure sufficient funding is allocated from the levies.

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.