Enhanced fact find: Pensions

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Pensions

This screen records the two main types of pension - defined contributions and defined benefits.

The segregation between the two types is based on the Type field within the Retirement Funds area.  Anything with a type of “Defined Benefits (Final Salary)” will sit within the Defined Benefits section of the screen.  All other types will sit within the Defined Contributions section.

 

Defined contributions (including pension wrappers)

This section includes both simple defined contribution pensions as well as pension wrappers.  Xplan supports four wrapper types - SIPP, QROPS, QNUPS and RNUPS.

To simplify the user experience, when the Type field is set to one of these wrapper types when the wrapper is being added, we lock down the owner field.  This is so that there aren’t any complexities about which products are available to link to the wrapper, based on the current owner.  

NB The current behaviour is that you will need to add & save the pension wrapper before being able to link any products to it.  We are aiming to improve that very soon.

When you open the pension record up for editing (after you’ve saved it), the owner and Type will be locked down.  In the rare case that these fields need to be corrected, then you will need to delete and re-add the record.  We’ve done this to simplify the experience for the majority of cases, rather than complicate it for the rare occurrences you need to correct the record in this way.

NB If the pension record is linked to a pension wrapper, it will not appear in the main pensions table - it will appear as a linked “product” within the pension wrapper record.

Field label	Field ID (e.g. Xmerge syntax)
Main section (Retirement funds field group)
Owner	N/A
Type	type
Status	policy_status
Is this pension held on a platform?	is_platform
Platform provider	platform_provider_new
Product  provider	product_provider
Policy number	fund_or_policy_num
Fund value	fund_value
Valuation date	fund_valuation_date
Pensionable salary	fund_salary
Latest contributions
Start date	contribution_start_date
End date	contribution_end_date
Individual / employee gross amount	contr__member_amount
Or individual / employee gross percentage	contr__member_pct
Individual / employee contribution frequency	contr__frequency_employee
Employer gross amount	contr__employer_amount
Or employer gross percentage	contr__employer_pct
Employer contribution frequency	contr__frequency
Source of funds	contribution_source_of_funds_select
Source	contribution_source_of_funds
Latest lump sum / drawdown
Start date	withdrawal_start_date
End date	withdrawal_end_date
Amount	withdrawal_amount
Frequency	withdrawal_frequency
Reason	withdrawal_reason
Internal use only
Under advice status	nbr_under_advice

Defined Benefits

We know that some of the statuses in the pensions area don’t apply to defined benefit schemes.  This section will help you update the status information as you go.  

The five statuses we support in this section are: -

• Active
• Transferred
• Left scheme
• Paid up
• Scheme closed

The table below shows the various fields displayed, based on their status.

Field label	Field ID (e.g. Xmerge syntax)	For which status(es)?
Main section
Description	desc	All
Product provider	product_provider	All
Status	policy_status	All
Benefit details
Start date	inception_date	Active
Normal retirement age (NRA)	xpt_scheme_retirement_age	Active, Left scheme, Paid up, Scheme closed
Pensionable salary	fund_salary	Active
Accrual rate	accrual_rate	Active
Projected annual income	projected_income	Left scheme, Paid up, Scheme closed
Escalation basis	escalation_basis	Active, Left scheme, Paid up, Scheme closed
Annual increase	escalation_basis_desc	Active, Left scheme, Paid up, Scheme closed
Added Years
Have you bought Added Years?	has_extra_years	Active
Added years bought	extra_years_purchased	Active
Added years to be bought	extra_years_projected	Active
Pension Commencement Lump Sum (PCLS)
Amount to be taken as PCLS	commencement_lump_sum	Active, Left scheme, Paid up, Scheme closed
Transfer details
Transferred amount		Transferred
Transfer date		Transferred
Left scheme date
Left scheme date	left_scheme_date	Left scheme
Ceased accrual date / paid up date
Ceased accrual date / paid up date	leaving_date	Paid Up, Scheme closed

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