Money and Pensions Service publishes its 2023/24 Annual Report and Accounts

• In 2023/24 the Money and Pensions Service (MaPS) delivered against all its Key Performance Indicators in each of its five priority areas. 
• It also exceeded its targets on the number of debt advice clients served (112%), the number of money guidance sessions delivered (105%), pension guidance sessions delivered (101%) and Pension Wise appointments attended (112%). 
• MaPS continued to score highly for customer satisfaction, resolution and understanding across all services, with targets being exceeded across all areas. 
• The MoneyHelper service achieved 12.4million ‘engaged sessions’ (102% of target).
• MaPS achieved its strongest financial performance as an organisation since its inception. 

Highlights from the year include exceeding targets on the number of debt advice clients served (112%), the number of money guidance sessions delivered (105%) and pension guidance sessions delivered (101%).

MaPS’s consumer-facing service MoneyHelper also exceeded its targets in 2023/24 and achieved 12.4 million ‘engaged sessions’ – the number of visits to the MoneyHelper website lasting longer than 60 seconds, referrals to partners less than 60 seconds and tool completions less than 60 seconds.

The number of Pension Wise appointments attended reached 112% of its target.

In 2023/24, MaPS also delivered range of activities and projects against each key priority area in our corporate plan. This has included:

• Completing the implementation of the new debt contracts and commencing work on community-based commissioning
• Expanding engagement with frontline practitioners and partner organisations to enable the delivery of good-quality money guidance. 
• Began building the functionality for a new digital appointment service to make it easier for customers to access our Pension Wise service.
• Coordinating the financial wellbeing movement in each nation of the UK through our four national forums, sharing process reports on Delivery Plans every six months.
• Completing the relocation of MaPS from London to Bedford, as part of the previous Government’s Places for Growth programme. 

Oliver Morley, Chief Executive of the Money and Pensions Service, said:  

“This is my first Annual Report for the Money and Pensions Service since becoming Chief Executive in February. These months have more than showed me what an important and unique organisation I have joined, and its critical role in ensuring people’s financial wellbeing and inclusion.

“Ending this year on such a high note – reaching all our KPIs and keeping with our budget, leaves me in a strong position to take MaPS forward and I want to thank everyone who has made this happen. I am proud to be leading an organisation with so much potential.” 

– ENDS –

• Read MaPS full Annual Report and Accounts 2023/24Opens in a new window
• In 2023/24, we delivered a number of activities and projects set out against each key priority area in our Corporate Plan. The five priority areas are:

1. Helping people in financial crisis
2. Helping people in need manage their money today
3. Helping people with their pensions and financial future
4. Working with partners to improve financial wellbeing
5. Building on strong foundations