Captured statutory text (L5)
1
(1)For members with money purchase benefits other than collective money purchase benefits, trustees or managers of the pension scheme must provide the value data referred to in sub-paragraph (2).
(2)The value data required is—
(a)an accrued pot value;
(b)from 1st October 2023, once a pension illustration has been given—
(i)an annualised accrued value, prepared using the methodology set out in the relevant guidance, less the elements regarding future contributions and growth, and calculated as if the individual has reached their retirement date on the illustration date;
(ii)if held, a projected pot value, prepared using the methodology set out in the relevant guidance;
(iii)an annualised projected value, prepared using the methodology set out in the relevant guidance.
(3)The value data referred to in sub-paragraph (b)(i) to (iii) may be provided on a voluntary basis before 1st October 2023, or between that date and a scheme producing a pension illustration, using the version of the relevant guidance available at the illustration date.
Full captured verbatim text
(1) For members with money purchase benefits other than collective money purchase benefits, trustees or managers of the pension scheme must provide the value data referred to in sub-paragraph (2). (2) The value data required is— (a) an accrued pot value; (b) from 1st October 2023, once a pension illustration has been given— (i) an annualised accrued value, prepared using the methodology set out in the relevant guidance, less the elements regarding future contributions and growth, and calculated as if the individual has reached their retirement date on the illustration date; (ii) if held, a projected pot value, prepared using the methodology set out in the relevant guidance; (iii) an annualised projected value, prepared using the methodology set out in the relevant guidance. (3) The value data referred to in sub-paragraph (b)(i) to (iii) may be provided on a voluntary basis before 1st October 2023, or between that date and a scheme producing a pension illustration, using the version of the relevant guidance available at the illustration date.