DWP issues update over pensions changes which start 'in August'

James Rodger
·2-min read

The Department for Work and Pensions has seen the cost of its pensions dashboard programme rise by a staggering £54 MILLION. And there is still no date for when it will be rolled out to the public amid growing pressure, it has been reported.

The National Audit Office (NAO) said the estimated cost of the programme has jumped by 23 per cent, from £235 million in 2020 to £289 million in 2023. The report said a "range of factors" has led to the estimated cost of the programme increasing by £54 million.

"These include an increase in supplier costs, changes to the Money and Pensions Service's (MaPS) underlying costing assumptions, and the period covered being extended by two years to 2031-32," the report said. But the NAO's report said: " DWP has not yet specified when pensions dashboards will become available to the public but, due to the later connection deadline, this is expected to be later than previously expected."

READ MORE DWP 'scandal' grows as 156,000 people told to 'pay back' their money

Gareth Davies, head of the NAO, said: "Delivery delays due to shortfalls in digital capacity and capability have pushed back the final deadline for pension providers and schemes to connect to the PDP (pensions dashboards programme) by a year, with no date currently set for citizens to benefit.

"Though progress has been made during the reset, DWP and MaPS must continue to work closely to ensure the final stages of the PDP are delivered smoothly and the public can begin to have access to this important service." Dame Meg Hillier, chairwoman of the PAC said: "Clear and simple pensions dashboards would help people properly understand their pensions - preventing them from missing out on entitlements hidden in 'lost pots' and helping them plan for their future.

"I am disappointed that the pensions dashboards programme has been delayed by a lack of skilled resources and ineffective governance - problems we see again and again across government. The Department for Work and Pensions must learn lessons from what happened on this programme and strengthen how it works with its arm's-length bodies including the Money and Pensions Service."

A DWP spokesperson said: "As the NAO recognises, the pensions dashboards programme has made significant progress towards delivering a service which will transform how savers plan for their retirement. Action taken by the DWP to reset the programme to get it on track for successful delivery means connection testing will begin from August 2024 before a wider onboarding of pension schemes and providers from April 2025."

Becky O'Connor, director of public affairs at PensionBee said: "Given the potential impact of the programme for millions of pension savers, it is important to have robust scrutiny and to ensure lessons are taken for the future. The NAO report seems to draw a line under the reset, so all eyes will now be on getting to the staging guidance deadlines."

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