Pension Wise

(asked on 25th January 2023) - View Source
Questioner
Jonathan Ashworth Portrait
Jonathan Ashworth
(Labour (Co-op) - Leicester South)

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, how much his Department has spent on the Pension Wise service in each of the last five financial years.

Answered by
Laura Trott Portrait
Laura Trott
Chief Secretary to the Treasury
This question was answered on 31st January 2023

The Pension Wise service offered by the Money and Pension Service (MaPS) is funded by a levy which is collected from financial services firms by the Financial Conduct Authority at the request of DWP. MaPS have delivered the Pension Wise service since 2019. Prior to this the Pension Wise service was delivered by the Department for Work and Pensions from 2017 – 2019. The costs to deliver the Pension Wise service over the last five financial years are as follows:

*2017 – 18

**2018 – 19

2019 – 20

2020 -21

2021/22

18.1m

16.9m

16.0m

15.6m

15.2m

*Department for Work and Pensions

** Includes Pension Wise expenditure in DWP and Single Finance Guidance Body (now Money & Pensions Service)

The figures comprise the costs associated with Pension Wise delivery through grants, as well as MaPS employees.

The reduction in costs over time is due to operational efficiencies via grant delivery driving better value for money.

Reticulating Splines