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Workplace Pensions: Advisory Services

Answer

The Money Advice Service was previously an HMT sponsored levy funded arm’s length body. When this and the other legacy bodies were merged to create the Money and Pensions Service (formerly Single Financial Guidance Body) historic budgets were transferred to the new Government sponsors - Department for Work and Pensions - as part of a Machinery of Government change. The historic amounts transferred to DWP were:

2013-14	2014-15	2015-16	2016-17	2017-18	2018-19
£79.8m	£80.5m	£79.4m	£76.3m	£79.6m	£82.1m

Funding for the Pension Advisory Service is contained in the Supplementary Estimates for each year hosted on the link below. The data can be found in Part III: Note E of the Department for Work and Pensions section. The Pension Advisory Service is Levy funded.

https://www.gov.uk/government/collections/hmt-supplementary-estimates

Pension Wise costs for the Period are:

2013-14	2014-15	2015-16	2016-17	2017-18	2018-19
N/A	N/A*	£31.7m**	£24.4m	£18.1m	£16.9m***

*Pension Wise was in set up phase in 14/15

** Pension Wise was in HMT in 15/16

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

Pension Wise is levy funded.

Secondary information

Type

Written question

Reference

292822

Session

2017-19

Subjects

Finance Workplace pensions Pensions Advisory Service Money Advice Service Pension Wise

Contains statistics

Yes

Link

View this Written question on www.parliament.uk