We await news on likely implementation dates, but whatever date is targeted, that time will fly by. We also still await the final agreed scope and detail, but with MaPS proactive publications of proposed data items and open communications on progress, there’s no excuse not to start looking at the challenges each of us will face based on the information we already have.
3. Benefit data coverage
Lastly, having connected to dashboard world, having received a request, having correctly identified them as your member… what do we tell them?
There are three key topics here:
- Confirmation you have a benefit and in which scheme
- An Estimated Retirement Income
- A ‘current value’
The exact definitions of these are not yet with us, but it is clear from the responses to the Call for Input published already that a primary concern for industry is how inconsistently we all approach providing information today. So, before the details can be known, you can at least start to think about what coverage you have for these data fields. When calculating these types of numbers, do you produce benefit statements today for all of your members? Do you store the results each time, or do you only store the resulting document?
…and if you don’t calculate these automatically today, might you consider adding an annual task into your scheme calendar to update stored results ready for dashboard requests?