Pensions values guidance for dashboards urges administrators to take action 'now'

The Pensions Administration Standards Association (Pasa) has published guidance on value data for pensions dashboards, arguing that now is the time for administrators to take action to meet upcoming dashboard regulations.

The guidance includes a checklist, which concentrates specifically on data required to help an individual understand the income they may receive from a pension benefit.

The checklist provides further details on understanding value data requirements and understanding a scheme’s readiness to meet those requirements.

It also outlines key areas that should be covered in any action plan, including the provision of accrued entitlements and the provision of estimated retirement income (ERI) benefits.

Pasa explained that although the draft pension dashboards data standards are yet to be finalised, with much uncertainty remaining, the checklist in the guidance provides examples of the steps pensions administrators can take now.

Indeed, despite the uncertainty, the association argued that "now is the time for administrators to take action", as momentum for pensions dashboards gathers pace and proposed staging dates for pension schemes and requirements for value data are confirmed.

It also clarified that the examples in this checklist are by no means exhaustive, encouraging administrators to add any further items and consider key decisions which could impact the provision of value data, such as cost and management of risk.

Commenting on the guidance, Pasa chair, Kim Gubler, stated: “Value data is a complex section of the dashboards ‘view request’ as it requires additional calculations to produce accrued and/or projected values.

"It’s essential pensions administrators understand what is required for their scheme to adhere to pensions dashboard regulations.

“In order to solve these challenges, it will require discussion between all relevant stakeholders, with certain data value types demanding further input from other parties (e.g. AVCs) – the earlier these conversations start happening, the better prepared you will be for your staging date.”

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