The Money and Pensions Service's (Maps) spending on pension streams increased “substantially” in 2021/22, according to its annual reports and accounts, with an in-year increase of £9.4m, 26 per cent more than the 2020/21 spend.

Maps explained that the increased spend was due to the “increasing development of the Pensions Dashboard Programme and the completion of the Maps dashboard alpha phase”.

Indeed, the accounts revealed that, excluding dashboard, on a like for like basis, spend on front-line pension services dropped by £3.9m to 93 per cent of 2020/21 pension freedom spend and 76 per cent of 2020/21 pension guidance spend.

More broadly, the report revealed that, despite the challenges presented by the pandemic, Maps achieved "significant progress" against its statutory objectives.

In particular, Maps achieved 95 per cent of its target on pensions freedoms work, with 204,432 Pension Wise appointments arranged and self-service journeys completed against the target of 215,000.

It also achieved 91 per cent of its pension guidance target, with 185,850 sessions booked against the target of 205,000.

Maps suggested that a contributing factor to these targets not being met was a "continued
reduction in transfers from pension providers due to a reduction in enquiries to them during COVID 19 – a pattern identified in 2020/21".

However, Maps will not be able to confirm this factor until data is published at the end of 2022.

The report also explained that whilst the integration of pension service branding into MoneyHelper is now established, there was as a transition period, with this low brand awareness having impacted on performance for a period after the new brand was launched.

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