The Department for Work and Pensions (DWP) has shared new guidance designed to help pension fund trustees and managers prepare an annualised version of the accrued pot value for pensions dashboards.
The value requirements for pensions dashboards require trustees and managers in scope to provide an annualised version of the accrued pot value to members with money purchase benefits other than collective money purchase benefits.
This new guidance therefore provides information to assist trustees and managers in preparing these values.
It also includes a number of considerations trustees and managers may want to think about when making the calculation, including when dividing the ‘accrued pot value’ by the same annuity rate used to calculate the ‘statutory illustration’.
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