(LONDON) DWP REPORT: As from today May.11: People who are paid benefits or their state pension will no longer be paid into a ‘ Post Office Account (POCA) ‘ and they will need to use a banking account due to the governments contract with post offices in November 2021 with several services being phased out: # PleaseShareAndCare #AceFinanceDesk reports

#AceFinanceReport – May.11: People who are paid benefits or their state pension into a Post Office account will need to get a new account, as the Department for Work and Pensions is stopping paying into them: The Post Office Card Account (POCA) was set up in 2003 to provide a “simple” banking facility for those without regular bank accounts: But the government’s contract with the Post Office ends in November 2021 and several services are being phased out:

Department for Work and Pensions

A massive 900,000 people use POCA to collect their payments, but for the past three years the DWP has been telling people to have their payments paid into a bank account instead, reported Express News:

Work and Pensions Secretary Thérèse Coffey told Parliament that the cost of the contract provided “poor value for taxpayers” given that most people using POCA already have a bank account – it’s cheaper for the DWP to pay money directly into bank accounts than to use the Post Office system: She said: “DWP will stop any new benefit and pension claimants from using the Post Office Card Account (POCA) from 11 May, as we prepare for the end of this contract: “Uptake of accounts in the last year has been exceptionally low but in any event, given that the vast majority of people using POCA we believe already have a bank account, the cost of the contract is poor value for taxpayers: “Current customers who currently receive payment through a Post Office card account will see no change and will continue to receive payment into their accounts for the remainder of the contract period: “We can use the HMG Payment Exception Service for people who cannot access any bank account.”

#AceFinanceDesk report …………Published: May.11: 2020:

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