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PASA publishes guidance on dashboards value data
United Kingdom | Publication | August 2022
Hot on the heels of the DWP’s response to its consultation on the draft Pensions Dashboards Regulations, the Pensions Administration Standards Association (PASA) has published guidance on pensions dashboards value data, which it acknowledges as a complex section of the dashboards.
Value data include those relating to accrued pension, the current “pot” value in a DC pension, the date the pension is payable and an estimate of the pension the member could receive.
The guidance sets out details of suggested steps for administrators to address now while the final regulations are awaited. These steps include:
- Gaining a full understanding of what the Value Data requirements mean for their scheme.
- Identifying where gaps exist, what the options are for plugging those gaps, and whether they should wait to see DWP’s updated regulations before making a decision.
- Deciding if there’s work to be commenced now, well in advance of the expected industry capacity crunch and safely in advance of their designated staging date.
The guidance includes a checklist of actions which can be completed as momentum for pensions dashboards gathers pace and proposed staging dates for pension schemes are confirmed. It includes sections on the following:
- Reviewing the membership profile and confirming the scheme’s staging date.
- Considering any different benefit structures within the scheme and how to provide data on accrued entitlements.
- Planning how to calculate “estimated retirement income”.
- How any missing value data will be dealt with under the timings set out in the regulations once they are finalised and how such data will be reviewed and updated.
Using the checklist should enable scheme trustees and administrators to understand their state of readiness to meet the dashboard requirements and create a plan of action to fill in any gaps.
To ensure optimal readiness, trustees should engage with their administrators, platform providers and other advisers to understand and agree what actions need to be taken, and by whom. The guide should be particularly helpful for small schemes which may not yet have considered the dashboard requirements.
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