PASA publishes guidance on dashboard value data

The guidance sets out ‘good practice' approaches to providing value data to the dashboards, and was launched for us by both defined benefit and defined contribution schemes.

The guidance looks at a range of issues including possible approaches for dealing with issues such as late retirements, underpins, partial retirements and split normal retirement ages.

It looks to provide schemes and administrators with guidance on good practice and to avoid many organisations considering the same issues from scratch, and to provide savers with, wherever possible, a consistent approach to the information provided to dashboards where this isn't prescribed in legislation or standards.

Also, to support the idea schemes should, where possible, reuse information already provided to savers and which they will be familiar with, and to minimise the possible additional strain on operational delivery immediately after the dashboards available point and on an ongoing basis.

PASA noted: "There's no simple answer to how trustees should deal with schemes with multiple administrators. The best approach will vary from scheme to scheme, depending on its circumstances, and this guidance can aid trustees in making these choices."

Chair Kim Gubler said: "In some areas, the dashboard regulations and standards are unlikely to provide the level of detail needed. This is intentional so schemes can decide the best approach according to their rules and circumstances to provide the optimum solution for their savers. This guidance is designed to help schemes avoid considering the same issues from scratch."