For many savers, it can be tricky to keep track of the various pension pots they accrue during their working life, with some even forgotten or assumed lost.
The ultimate aim of the Pensions Dashboard is to showcase all these pots together in one place for an individual to view and, it is hoped, will encourage savers to engage with their pensions and to be aware of the amounts that they are accumulating ahead of retirement.
First announced at Budget 2016, the platform was expected to be available by 2019 but, at time of writing, build and testing is still underway.
As it stands, it is expected that the largest schemes will begin to connect to the platform from April 2023. The staging will take place over the following few years with the smallest and micro schemes likely to be required to join the dashboard by some time in 2026.
Consequently, the Government is urging all pension providers to ensure that they know how they will connect to the dashboard, and that that they are ready to supply the necessary data when the time comes.
With one of the benefits of the dashboard being that it updates in real time, connected schemes will have an ongoing responsibility to ensure that their data is up to date and accurate.
This also means that employers will need to ensure that the information they are submitting to pension schemes is correct and provided in a timely manner. Where information is missing, employers will likely see a rise in requests from the Pensions Dashboard to supply outstanding data.
How can GH Payscheme help?
Our dedicated payroll bureau service has been developed specifically to help businesses across Bedfordshire, Hertfordshire, Cambridgeshire and throughout the UK to operate more efficiently and cost-effectively.
We offer a comprehensive, confidential, and competitively priced outsourced payroll solution for businesses of any size, operating in any industry sector, in any location.
As part of our range of services, we support employers to comply with their obligations in respect of Auto-Enrolment. In addition to processing your payroll, we can manage your pensions submissions, ensuring that accurate data is supplied in a timely manner, to satisfy the providers requirements.