Financial implications of the Bill
655 The Bill imposes various functions on the Pensions Regulator. These new functions may involve increased expenditure. But its funding is recovered by a levy on eligible pension schemes so there will be no impact on DWP expenditure.
656 The provisions on pension dashboards in Part 4 enable the conferring of a number of new powers and functions on the Money and Pensions Service, which is the name of the single financial guidance body in the Financial Guidance and Claims Act 2018, and the Secretary of State. The additional powers and functions of the Money and Pensions Service may involve increased expenditure. But its funding is recovered by two levies. One is a levy on eligible pension schemes and the second is a levy paid by the financial sector. If any additional functions provided for under Part 4 are conferred on the Secretary of State, there would be corresponding impact on DWP expenditure.