Payroll for essential people
Get a Quote

 02382 023223

Pensions dashboards given go-ahead by government

Work and Pensions Secretary, Amber Rudd, has announced proposals that are set to revolutionise retirement planning with initial industry models expected this year.

The proposals are to deliver free, user-friendly services that put savers “in the driving seat”, with the pensions and retirement income available to view online.

Currently, when savers build up a pension pot with different employers, they can only view each one separately. It’s estimated that around £20 billion has been lost from pension pots: over 1.6 million different pension pots have been “lost” according to the Association of British Insurers.

“Dashboards represent a potentially significant positive step forward, both in terms of uniting people with lost pensions and boosting engagement over the longer-term,” said Tom Selby, a senior analyst at AJ Bell. “Over time Dashboards could potentially expand to include other savings vehicles and financial products, effectively allowing people to see all of their finances in one secure place.”

According to the government, pension dashboards are a commitment to bring forward legislation to make consumer data available, and a confirmation that State Pension information will be included soon. It’s expected that most schemes will go live within three to four years, with industry developing and testing initial models within months.

“The digital retirement revolution is here at last. All the pieces are being put in place to deliver the easy access to retirement information everybody needs and that the pensions industry is so keen to deliver.” Yvonne Braun, Director of Long-term Savings and Protection Policy at the Association of British Insurers (ABI), said. “We’re delighted to see the government committing to the necessary legislation and will continue to play our part in making dashboards a reality.”

Related Articles

Essential Payroll is a payroll bureau based in Southampton with experience in many sectors and specialists in key areas such as education, care and recruitment/temporary staff agencies. Please call us on 01202 974 100 to discuss how we can help you fulfil your legal obligations.

Client Feedback

“We can focus on providing accountancy services to our clients knowing that payroll is covered”

DE, Accountant

“In 2014 we outsourced our payroll to Essential Payroll and our experience has been excellent. We run a very demanding payroll with over 600 employees in an industry that has a high turnover of staff. Essential Payroll manage this brilliantly. They go above and beyond to meet our deadlines and liaise with us regularly. Essential Payroll offer a friendly, helpful and informative service that we would thoroughly recommend.”

Commercial Cleaning Company, Hampshire (615 employees)

“We have been working with Essential Payroll for years now, and couldn’t be more satisfied with the services they provide. Very efficient, professional and proactive company. We could not recommend them enough.”

Care Home Group, Dorset (500 employees)

“Essential Payroll has been our payroll office for over 4 years. Everyone that I have dealt with at Essential Payroll has been extremely professional and helpful in dealing with our payrolls. They offer immediate assistance and provide answers to questions we may have. They offer great processing service with payroll being calculated accurately, paid on time and all government forms submitted in timely manner.”

Bar/Restaurant Group, Dorset (75 employees)

“Dorset Commercial Cleaning have worked with Essential Payroll since we started the business three years ago. I can honestly say I wouldn’t know how we’d live without them. Their expertise and guidance was fundamental to us setting up an efficient and swift payroll system and their flexibility and helpful attitude over the last three years has allowed us to concentrate on delivering outstanding service to our clients safe in the knowledge that payroll is happening perfectly."

James Lattimer, Dorset Commercial Cleaning

Read more