Pensions Dashboard and Leasehold

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 8 June 2024

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Pension Dashboard is intended to provide an online service to millions of people who have paid into a pension at work by showing all their pots and their value in one place. But the National Audit Office this week revealed a 'digital skills' shortage is behind delays, providers now have until October 2026 to connect to it. The costs of the dashboard are also up by almost a quarter to £279 million.

Some people hoping to sell their leasehold homes are being charged large amounts by their freeholder to fill out a simple form which helps the sale to go through smoothly. We hear from 'Harry' who was just days away from exchanging contracts on his two bed flat in London when his sale collapsed because his freeholder wouldn't sign an LPE1 form unless Harry paid more than £20,000. The forms contain information such as ground rent and service charges and rules on pets. Also in the programme we answer listener questions about how to protect your money when banks merge, and applications open on the 12th of May for the next round of government funded childcare. Working parents in England with children aged nine months to under two years can apply for 15 hours of subsidised childcare starting from September. Parents have been encouraged by the Department for Education to act as soon as possible to secure their place.

Presenter: Paul Lewis Reporters: Dan Whitworth and Jo Krasner Researcher: Sandra Hardial Editor: Sarah Rogers

This episode was first broadcast on Saturday the 11th of May.

Transcript

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0:00.0	On a winter's night in 1974, a crime took place that would obsess the nation.
0:07.0	It was an extraordinary news story.
0:09.0	The story of an aristocrat, Lord Lucan, who's said to have killed the family Nanny,
0:14.0	mistaking her for his wife, then somehow just disappeared.
0:18.0	One of the great mysteries in English criminal history. We're still looking for
0:21.7	Lucan. It's honestly one of the most powerful stories of my lifetime. I'm Alex Fontunzelman.
0:27.4	This is The Lucan Obsession. Listen on BBC Sounds. BBC Sounds, music, radio, podcasts.
0:36.5	Hello, welcome to this Moneybox podcast.
0:39.0	The man who says he cannot sell his home without paying more than £20,000 to get a form filled in.
0:46.1	If two banks become one, what happens to the £85,000 savings protection limit?
0:52.1	And should working parents in England, with a child under two,
0:55.8	book a place now for the latest extension of subsidised childcare from September.
1:00.9	But first, the pension's dashboard has lost its dash. This project was begun by the Department
1:07.1	for Work and Pensions in 2019 and is intended to provide an online service to millions of people
1:12.5	who've paid into a pension at work and show them all their pension parts and their value.
1:17.1	But a damning report from the National Audit Office this week
1:20.0	revealed that the costs of the dashboard are up
1:22.5	and the projected date before all major providers have even uploaded their data has been delayed until October,
1:30.1	2026, two and a half years from now. Meanwhile, the cost has risen by almost a quarter to 279 million,
1:38.5	and on top of that, the pensions industry will spend more than $688 million connecting to it,
1:45.8	uploading their data and after that developing their own customer interfaces.
1:50.7	But when, if I might say, it eventually works well,
	...

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