1. We submit data direct to the Dashboard through our Integrated Service Provider (ISP) with pension link (multiple sources, linked)
If the benefits are to be provided separately but displayed together on the Dashboard, the main administrator must generate a unique identifier and pass identifier to the AVC provider. Both the pension provider and AVC provider will then need to populate a Pension Link field in their view data message, so the Dashboard can connect the benefits.
2. We submit data direct to the Dashboard through our ISP with no pension link (multiple sources, not linked)
Trustees decide if it’s reasonable for the two sets of data to be displayed separately i.e. if the AVC benefit was suitably named. Trustees may choose not to create a unique identifier, but remain responsible to ensure all their members’ benefits are displayed on the Dashboard, even if they’re shown separately.
3. We send data back to the trustee or main scheme administrator who then have the responsibility to provide the data to the Dashboard (single source)
The trustee or main scheme administrator will send all values, and will need to make sure they're getting a feed of relevant data from the AVC provider on a frequent basis.
We believe the most effective way to connect your members is for us to provide you with the data for sending to the Dashboard (Option 3), in particular where we don't hold full member data and/or can't service customers directly. This is also supported by discussions held with multiple AVC administrators, Pensions Administration Standards Association (PASA) and our ISP. We’ll send data to you or your scheme administrator by Secure File Transfer Protocol (SFTP) which will include pension details for your members. You’ll need to tell us:
We can support you with Options 1 and 2, but we’ll need to agree this with you. We’ll also need the following information from you:
We need sufficient time to collate the data to connect your members to the Dashboard. Please get in touch with us at least nine months before your connection date, especially if you wish to undertake a reconciliation exercise.
If you’re ready to get started or have questions about the Dashboard, please get it in touch with us at prudential.pensions.dashboard@mandg.com
We’re required to connect to the Dashboard by the end of April 2025 for our non-trust based schemes. For our trust based schemes, where we agree to connect on their behalf, we’ll agree with trustees on the date data will be released. We’ll be using Heywood Pension Technologies as our third party ISP.
We need sufficient time to collate the data to connect to the Dashboard. Please get in touch with us at least nine months before your connection date, especially if you wish to undertake a reconciliation exercise.
The Pensions Regulator (TPR) issue two registration codes to the scheme’s Chair of Trustees approximately three to five months ahead of each scheme’s expected ‘connect by’ date. Two codes are issued in case a scheme is using more than one connection route - for example, defined benefit (DB) and defined contribution (DC), which sit with different third party administrators who are each using a different route to connection. In this scenario, the Chair of Trustees should provide a unique code to each of the parties handling connection on their behalf. If more registrations codes are needed, or if a scheme would like to connect before the registration codes are issued, contact TPR’s customer support team at customersupport@tpr.gov.uk
We can provide a reconciliation report, which will allow you to check the accuracy of the data we hold on your members ahead of connecting to the Dashboard. To request this, please get it in touch with us at prudential.pensions.dashboard@mandg.com
Please see our matching criteria below. If we're connecting on your behalf to the Dashboard, we can apply a different matching criteria as agreed with trustees.
We’re committed to comply with any regulatory changes within our current terms and conditions. We believe Pensions Dashboard is covered by this commitment, so there’s no requirement to update the terms and conditions.
At this time, we have no intention to charge for providing the Pensions Dashboard service. If there's a delay in engagement as a result of trustees not providing information in a timely manner, we then reserve the right to recoup any additional costs incurred.
ERI is a projection of the regular income which could be payable at the retirement date, assuming growth and future contributions (if applicable) to the current fund.
ERI will be projected to a member’s Normal Retirement Date (NRD) if the date is in the future. We’ll stop providing the ERI once a member is within one year of their NRD.
AV is a projection of the regular income which could be payable at the retirement date using today's fund value, assuming no growth or future contributions. This is a new value that isn’t currently provided to members.
AV will be projected to a member’s Normal Retirement Date (NRD) if the date is in the future. Once they reach NRD, the calculation will be based on the member taking their retirement immediately. The date we’re using to calculate the AV fund value is the scheme year end. This should align with any scheme revisions. The AV will continue to be provided until the member takes their benefits.
All values include Annual and Final Bonus (if applicable).
Yes, we use the assumption and methods detailed in ASTM1 5.1 to calculate the ERI and AV. ASTM1 specifies the assumptions and methods to be used in the calculation of statutory illustrations of money purchase pensions, annual benefit statements and Pensions Dashboard.
We’re required to provide value data based on a statement provided to a member in the last 13 months, or a calculation made for the member in the last 12 months (i.e. if there was a previous request made on a Dashboard).
If a value hasn't been provided and a member logs onto the Pensions Dashboard, it will trigger a request. We're then required to provide a value within three working days.
We’ll add new members to the Pensions Dashboard within three months of joining the scheme and paying their first contribution. Values may not appear in line with what members have received in their first Annual Benefit Statement. For AVCs, we assume the three months applies from the date the member joins the AVC and not the date they join the main scheme.
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