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Information to provide to members

Under current proposals, you will be expected to supply the following information to scheme members via pensions dashboards. This is referred to as ‘view data’ and broadly falls into the three categories below.

  • Administrative data. This includes the scheme name, the dates the member was in it, the name and contact details for the administrator and, if available, the employer’s name. You will also need to provide a member’s date of birth to enable dashboards to show the time to retirement (the date of birth itself will not be shown on dashboards).
  • Signpost data. These are hyperlinks to websites where the member can see other useful information about the scheme, such as information on costs and charges, the scheme’s statement of investment principles and the scheme’s implementation statement.
  • Value data. This provides details of how much pension the member has built up already and how much they may have when they retire. Further detail on this is set out below. You will also need to provide certain ‘contextual’ information to be displayed with value data.

You can find the complete list of view data in the Pensions Dashboards Programme’s data standards.

The current proposal is that you should return administrative and signpost data immediately after a view request is received.

For new members, you will need to provide the administrative data no later than three months after the member joined the scheme.

You must also provide value data immediately if it is based on existing calculations made within the last 12 months, for example from a benefit statement or previous request made on a dashboard. Where this is not the case, you will have three working days to return value data for defined contribution (DC) benefits and 10 working days for defined benefit (DB) and hybrid benefits (where the value is calculated by reference to both DB and DC elements).

Value data

The values that you need to supply will depend on the status of the member and the benefit type.

Benefit / member type Accrued value Projected value
Pot Annual income Pot Annual income
DC
Yes Yes If held Yes
Active DB No Yes No Yes
Deferred DB No Yes No No
Active cash balance Yes Yes Yes Yes
Deferred cash balance Yes Yes No No
Hybrid benefit Where the benefit is calculated by reference to both DB and DC elements, you will only need to return one set of values, which may be DB or DC depending on the circumstances.

You will also need to provide certain ‘contextual’ information to help members make sense of the value information — for example whether the benefits would increase in payment, or whether there are a spouse’s or civil partner’s benefits attached to the pension. You can find out further detail on contextual information in the draft regulations and on the Pension Dashboards Programme’s website.

Exemptions to providing projected values

You do not have to provide a projected value if the member is within two years of retirement.

This is also the case for any DC benefit, where:

  • the accrued value (to money purchase benefits) was less than £5,000 when last calculated and provided to the member
  • no contributions (including transfers and pension credits) have been made since
  • the scheme has informed the member that further projections will not be given unless further contributions are made

You can still provide a projected value in these situations if you choose to.

Preparing value data

You need to ensure that the values you provide are accurate, calculated in line with the legal requirements and sufficiently recent. You also need to ensure this data is digitised so it can be returned through the system. You should audit your data and put a plan in place to improve data and make any changes required to your systems and processes.

DC projected values should be calculated in line with the Financial Reporting Council actuarial standards (known as AS TM1). DC accrued annual income should also be calculated by reference to AS TM1, but leaving out the impact of future contributions and fund growth. Values calculated by reference to AS TM1 will only be required once planned changes to these standards come into force, which is expected to be October 2023 (you will need to provide DC accrued pot value information from the outset).

You should calculate DB values in line with scheme rules, without taking into account possible increases in earnings.

Whether they are DC or DB, the values you give should not be older than those provided on a benefit statement or from a calculation made in the last 12 months. You will need to consider how you ensure that data returned to members is recent. If you don’t have up-to-date information available, you need to decide how you will provide this. You will only have three working days for a DC benefit or 10 working days for a DB or hybrid benefit to calculate a value on request. Therefore, it may be more efficient to put in place a process to revalue deferred pensions annually or automate the calculation of values in your administration system. Speak to your administrator and other advisers or suppliers to decide how you will deliver recent data.

Matching people with their pensions
Failing to comply with pensions dashboards duties