The Department for Work and Pensions has further delayed the implementation of a pensions dashboard owing to the complexities of the system’s architecture.
Originally due to be operational in 2019, we reported on progress late last year when we anticipated that the largest pension schemes would only begin to connect to the platform from April 2023, with the smallest and micro schemes likely to follow on in stages.
However, the timeline is set to be revised again, amid concerns about the preparedness of pension providers and the volume of data available to populate the dashboard.
What is the pensions dashboard?
The idea behind the pensions dashboard was to create a single platform where savers could view all their pots (private, public and state) together in one place, in real time, encouraging them to engage with their pensions and to be aware of the amounts that they are accruing ahead of retirement.
A new delivery plan
Citing that more time is necessary to deliver the complex build, and for the industry to be in a position to play the vital role required of them, Minister for Pensions Laura Trott has confirmed that a ‘reset’ of the programme has been initiated, with a new chair expected to develop a ‘new plan for delivery’.
It has now been confirmed that there will be a connection deadline of 31 October 2026. Further guidance will be issued in due course.
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.
To find out more about how we can help you, whether with payroll or pensions, contact one of the team today on 01767 220199 or by filling out one of our online enquiry forms.