|Project name: ||Enabling Retirement Savings Programme - there is only one report for this project |
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|Organisation: ||DWP (D10) - see all reports for this organisation |
|Report year: ||2013 (data is from Sept 2012) |
|Category: ||Transformation - see all reports for this category |
|Description: ||The Enabling Retirement Savings Programme (ERSP) was set up to implement the Governments workplace pension reforms. The overarching aim of the workplace pension reforms is to get more people saving more for their retirement. The Programme went live in October 2012, delivering:
· Automatic-enrolment - a new duty on employers to automatically enrol their eligible workers into a qualifying workplace pension scheme. To increase the incentive to remain saving in a pension scheme there is a mandatory employer contribution.
· The National Employment Savings Trust (NEST) - offers low cost pension provision to individuals on low to moderate earnings and their employers. NEST must accept any employer who wishes to use it to meet their employer duty.
· There is a proportionate compliance regime - run by the Pension Regulator (tPR) to support these measures.
The implementation period for the Programme runs to six years. Employers subject to the new duty are being 'staged' in by size, starting with the largest, over the period October 2012 to February 2018. Contributions in to pension schemes will be phased in over time to provide a period of adjustment for employers and individuals, with full contributions being paid from October 2018. Once fully implemented, we expect to see an increase the number of people saving or saving more into a workplace pension by between 6 to 9 million. |
|DCA (RAG): ||Amber |
|DCA text: ||We have successfully delivered all the key components of the workplace pensions reforms to time. We have scalability built into our delivery model to manage the expected increases in volumes through the implementation period. However, we recognise the challenge of successfully delivering the programme objectives over a 6-year implementation period. To help inform our understanding and manage the delivery of the reforms we are broadening our stakeholder engagement activity across the pensions industry and with employers; and further developing our monitoring and evaluation strategy. Balancing our successful track record on delivery against the challenges we face, the Programme Board rate the overall Programme status as Amber. |
|Start date: ||2007-05-18 |
|End date: ||2018-10-01 |
|Schedule text: ||Project on schedule and commenced in October 12. |
|Baseline: ||£112.00m |
|Forecast: ||£98.80m |
|Variance: ||-11.79% |
|Variance text: ||The variance in the 2012/13 Programme forecast is largely due to the savings achieved through further scrutiny of the resource requirements for the Employer Compliance Regime, and savings identified on Programme external communications campaigns. |
|Whole Life Cost: ||£1,004.30m |
|WLCost text: ||The whole life costs cover the period from 2007/08 when the programme started through to 2017/18 - the business case period. The funding will cover: the set up and running costs of NEST (through repayable loan); the set-up and running costs of the Employer Compliance Regime; the communications costs for raising awareness through a series of targeted awareness campaigns; and the costs associated with running the Programme Management Office. |
|Notes1: || |
|Notes2: || |
|Sourcefile: ||DWP_2013.csv |
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Acknowledgement: GMPP data has been re-used under the Open Government Licence.