PASA publishes guidance on dashboards value data

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.

• 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.

• 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.

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.