Pensions Programme
HMRC (reports to the Treasury) · HMRC_0095_2122-Q4 · Last reported March 2024
Department page: HM Treasury
| Data as at | Rating | End date | Whole-life cost |
|---|---|---|---|
| March 2024 | Amber (NISTA's independent assessment) | 31 March 2028 | £119m (price basis not stated) |
Each year’s cost is shown with its price basis. Costs are not compared between years: the March 2024 and March 2025 reports state no price basis, and from March 2026 costs are in 2024/25 prices.
The department’s commentary
This is the department’s own commentary. It may use different prices from the table above, so its figures may not match.
March 2024
Rating: Compared to financial year 22/23-Q4, the Delivery Confidence Assessment rating at 23/24-Q4 remained at Amber(IPA rating). This is primarily due to the following factors. The Amber rating is primarily driven by: _x000D_ (1) Pension Scheme Return (PSR) - ongoing challenges with the technical development of PSR, which will require additional time and funding to resolve. _x000D_ (2) Completing the migration or closure of all pension schemes from the legacy platform to the Managing Pension Schemes service by March 2025 is challenging. _x000D_ (3) Capacity Pressures - Challenges with workforce capacity across the Programme, our Delivery Partners and with Suppliers impacts delivery timelines. We are prioritising work where we can and escalating appropriately.
Schedule: Compared to financial year 22/23-Q4, the project's end-date at 23/24-Q4 increased from 2027-03-31 to 2028-03-31. This is primarily due to the following factors. The lifecycle of the programme was extended by one year to end 2027/28 to fully incorporate the Low Earners' Anomaly cost profile.
Cost: Compared to financial year 22/23-Q4, the project's departmental-agree Whole Life Cost at 23/24-Q4 increased from 113m. to 119m. This is primarily due to the following factors. The main reason for the increase to the whole life cost is the extension of the programme lifecycle by one year to incorporate the Low Earners' Anomaly (LEA) cost profile.
Source: IPA Annual Report 2023-24 (data)
Names, figures, dates, ratings and commentary are as the department reported them. Where a rating, cost or date is withheld, the file’s wording is shown. Every major project →