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.”

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.

In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.


Inside the world of high net worth lending
The mortgage market continues to evolve, and so too does the answer to the question: what is a high net worth individual in today’s market? In this episode of the Mortgage Insider podcast, host Phil Spencer is joined by Stephen Moroukian, Head of Product and Proposition for Real Estate Financing at Barclays Private Bank, and Islay Robinson, founder and CEO of Enness Global. Together, they explore what brokers really need to know when supporting high net worth individuals.

The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.