Maps funding for dashboard implementation totals £8.2m

The Money and Pensions Service (Maps) has a total of £8.2m in funding for the implementation for the non-commercial pensions dashboard, Pensions Minister Guy Opperman has revealed.

In a response to a written question which asked how funding will be allocation, Opperman said that the government was “committed to ensuring” that Maps has the “funding necessary to develop the non-commercial dashboard and to work with the industry”.

The funding consists of £1.2m allocated from the Department for Work and Pensions Autumn Budget settlement in 2018 to “cover the initial set up costs for the Industry Delivery Group”.

A further £4.7m has been allocated from the pensions guidance element of the Financial Services Levy and the remained £2.3m from the General Pensions Levy.

Maps will use part of the funding to co-operate with the IDG in order to develop the dashboard “architecture”.

The implementation date of the pensions dashboard is still unclear. The government promised that it would be part of the Pensions Bill that would be included in the Queen’s Speech, although the date of the speech is uncertain.

Prime Minister Theresa May announced on 29 April that the Queen’s Speech will be postponed until an EU withdrawal agreement has been made, and it is still unclear when that might be.

In his response, Opperman concluded: “Pensions dashboard are a priority of this government. We will continue to work with Maps 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.”

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