2015 Report details for project: New State Pension Project

Project name: New State Pension Project - there are 2 reports for this project: 2015, 2016
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Organisation: DWP (D10) - see all reports for this organisation
Report year: 2015 (data is from Sept 2014)
Category: Transformation - see all reports for this category
Description: The Project will deliver the reforms to State Pension included in the Pensions Act 2014. These reforms are designed to give greater clarity about the State Pension someone can expect to receive from the Government, address some inequalities in the current system and provide a firm foundation for saving for retirement for people reaching State Pension age from 6 April 2016. Changes include removing the complexities of the current system by moving to a single state pension set above the level of the basic means tested benefit. This together with abolition of the Savings Credit will provide today’s savers with greater clarity about what they will receive from the State. It also reduces the number of people reliant on the basic means test. The Department is also abolishing contracting out from defined benefit pension schemes. To ensure fairness the calculation of new State Pension will recognise pre 2016 National Insurance records. The Department leads the Project, working closely with HMRC to deliver the necessary changes to systems and processes. The Project will ensure staff in both the Department and HMRC are equipped to deliver the reform and that the changes are communicated to current and future pensioners, employers, trustees and scheme providers at the appropriate time
DCA (RAG): Amber
DCA text: An MPA Review in January 2015 made a number of recommendations that were accepted and are currently being addressed. The review acknowledged that: • The Project has developed, in partnership with HMRC, an integrated IT plan that encompasses the full programme of pension changes. • The Project is now fully constituted with appropriate governance and an experienced project team in place. • The Detailed Business Requirements have been defined and agreed ready to move into the build and test phase in readiness to deliver the IT changes in October 2015 to meet the April 2016 policy implementation date. • The Project has implemented an integrated communication campaign to inform existing and future customers what to expect. A bespoke statement service has been set up for future customers, who are within 15 years of their state pension age to find out what they will get under the new rules. This service will subsequently be replaced by a new Digital Statement service which is currently being developed in parallel as a separate project and jointly with HMRC.
Start date: 2012-02-27
End date: 2017-10-31
Schedule text: All plans are on track and there is no deviation from the planned schedule. Go-live is due in April 2016 with the main enabling IT release scheduled for October 2015. In January 2015 the Project achieved a major milestone in signing off its design and IT requirements and gaining approval from HM Treasury and the Cabinet Office to move into the detailed build phase.
Baseline: £19.87m
Forecast: £19.87m
Variance: 0.00%
Variance text: n/a
Whole Life Cost: £168.16m
WLCost text: The Project’s whole life costs are forecast to reduce as IT costs for the Department and HMRC are expected to be lower. Over the business case lifetime to 2022-23, the costs include operating staff in both departments, IT, Communications and project delivery costs. The budget was updated in September 2014.
Sourcefile: IPA_2015.csv

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