The Money and Pensions Service (Maps) met its pension guidance and Pension Wise targets in 2023/24, its latest annual report has revealed.

During the year, Maps delivered 263,000 pension guidance sessions, representing 101 per cent of its 260,000 target.

It also saw 635,000 completions of pension guidance tools, equivalent to 106 per cent of its 600,000 target.

Maps stated that it consistently achieved “very high” satisfaction scores for pension guidance, with its customer satisfaction score on pension guidance for the year being 90 per cent, a customer understanding score of 90 per cent, and a customer resolution score of 86 per cent.

Furthermore, there were more than 118,000 Pension Wise appointments attended during the year, against Maps’ target of 106,000 (111 per cent of target).

Over 78,000 self-service online journeys were completed in 2023/24, 143 per cent of the service’s 55,000 target.

Maps’ self-service online journey key performance indicator (KPI) has been retired for 2024/24, as it will be introducing a new digital channel for Pension Wise that is equivalent to a full appointment.

For Pension Wise telephone appointments, Maps’ customer satisfaction score was 92 per cent, its understanding score was 88 per cent, and its resolution score was 88 per cent.

However, the service’s ‘Explore Your Pensions Options’ digital tool performed less well, with its satisfaction score being 77 per cent, understanding score being 83 per cent, and resolution score being 76 per cent.

During the year, Maps’ net operating expenditure increased from £155.8m to £164m.

This net expenditure was primarily funded by Grant-in-Aid from the Department for Work and Pensions (DWP), which totalled £169.4m.

Maps’ statement of financial position revealed that its total assets fell from £23.6m to £21.7m, although this was more than offset by its liabilities decreasing from £26m to £16.4m.

“Ending this year on such a high note – reaching all of our KPIs and keeping within our budget, leaves me in a strong position to take Maps forward and I want to thank everyone who has made this happen,” said Maps CEO, Oliver Morley.

“I am proud to be leading an organisation with so much potential."

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