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Amend Hybrid DC Section & DC AVCs

Membership - DC Section

Q: Number of members with DC benefits (excluding DC AVCs)

Please provide the total number of members with DC benefits. The answer to this question is not used for levy purposes.

Include:

  • members of DB sections which have a DC underpin, ie there are DC funds
  • members with both DB and DC benefits who have not drawn their DC benefits should be counted as DC members, whether or not they have drawn their DB pension
  • where there are different DC sections – for example a DC-only section and DC section with a contracted in DB underpin – include the total DC membership in all sections
  • where a member has DC benefits in more than one section, please count them multiple times
  • DC pensioner members (including dependants in receipt of a pension) where the pension is being paid from the DC section of the scheme (but exclude if it's being paid by the DB section of the scheme) 

Exclude:

  • DC AVCs, as these are separately requested below
  • members of DB sections which have a notional DC underpin
  • DC members who are now in receipt of a pension from the DB section of the scheme in respect of their DC pot.

A member may have been classed as Partial DB in the Scheme Membership part of the Scheme Return but can still be included as a DC member for the purposes of this part.

Q: Member age profiling – active and deferred members with DC benefits (excluding DC AVCs)

Please provide the number of active and deferred members within your DC section(s) which fall into the two age categories: '50 to 59' and '60 and over'.

Where a member has DC benefits in more than one section, please count them multiple times.

Default strategy

Q: Are any of the DC scheme members invested in a default strategy?

A default strategy option is the investment strategy (or combination of funds) that will be selected automatically for a member joining the scheme, unless the member specifies an alternative. Please note that use of a default strategy is a requirement for a DC scheme to qualify for automatic enrolment. Answer ‘yes’ where there is only one investment option and/or any DC element of the scheme (excluding AVCs) includes a default strategy either currently or in the past.

Q: What proportion of members only invest in the default strategy?

Of those members (both active and deferred) for whom a default strategy is available, please confirm what proportion have the whole of their investment within that scheme section invested in the default strategy, including those members who have made an active choice to be in that strategy.
If 2 or more sections have a default strategy, calculate an aggregate figure, eg section A 300 out of 500 members are 100% invested in the default strategy, section B 450 out of 1000 members are 100% invested in the default strategy = total 750/1,500 = 50%.

Membership - DC AVCs

Q: Number of members with DC AVCs

Please provide the total number of members with DC AVCs. The answer to this question is not used for levy purposes.
Include:

  • where an individual has multiple DC AVCs, please count them multiple times
  • a member as a DC AVC member even where they are no longer paying into their DC AVC arrangement
  • a member who has not drawn his DC AVC benefits should be counted as a DC AVC member, whether or not they have drawn their DB benefits 
  • where there is a DB section with a DC top-up, only include members who are paying into a separate DC AVC arrangement. A DC top-up arrangement is where some or all of the members pay into a DC section as part of the core scheme benefits

Exclude:

  • DC AVC members who are now in receipt of a pension from the DB section of the scheme in respect of their DC AVC pot
  • members paying additional contributions to purchase added years or other defined benefits

Q: Member age profiling – active and deferred members with DC AVC benefits

Please provide the number of active and deferred members with DC AVCs which fall into the two age categories '50 to 59' and '60 and over'. Where a member has multiple DC AVC arrangements, for example with different providers, please count them multiple times.

Assets - DC Section and DC AVCs

Q: Market value of DC and DC AVC scheme assets

Please provide the market value of all net assets within the DC and DC AVC section(s). This should include all cash, bonds, stocks, shares, property, and any other assets as at the scheme year end date used for the membership figures given above, or if this is not available, the most recent valuation date. The total value should be net of any liabilities, for example, loans taken by the scheme. Please note, if assets have different valuation dates please calculate using the most recent valuation for each. Where there are multiple DC sections – for example a DC-only section and DC section with a contracted in DB underpin and/or multiple DC AVC arrangements - for example with different providers - include the total net asset value of all DC sections and DC AVC arrangements. Exclude DB assets and the assets of DB sections with a notional DC underpin.

Q: Effective date for market value of DC and DC AVC scheme assets

Please provide the valuation as at the scheme year end date used for the membership figures given above. If this is not available, please use the most recent valuation you have available. Where assets have been valued at different dates, please use the most recent as the overall effective date.

Contributions - DC Section and DC AVCs

Q: Contributions – DC and DC AVC section(s)

Please provide the total amount that has been contributed to the DC and DC AVC sections in the 12 month period up to the scheme year end date used for the membership figures given above. Please also include any special contributions (non-cash contributions such as property or shares etc). Please also include any transfers into the DC and DC AVC section(s) as 'employee contributions'.

Please separate values into:

Employer – Contributions made by the employer and not deducted from salary. Where age-related rebates have been paid in respect of DC members contracted out of the State Second Pension scheme prior to April 2012, please include these payments as an employer contribution. Where salary/bonus sacrifice (also known as salary/bonus exchange) arrangements are in place, the additional contributions should be included as employer contributions.

Employee – Contributions paid by the employee whether deducted from salary or transferred into the DC section(s) or DC AVC arrangement from another scheme.

Where there are multiple DC sections – for example a DC-only section and DC section with a contracted in DB underpin and/or multiple DC AVC arrangements - for example with different providers – include the total DC contributions to all DC and DC AVC sections. Exclude contributions to DB only sections and contributions to DB sections with a notional DC underpin.

Scheme Leavers - DC Section and DC AVCs

Q: Have any members left the DC AVC or DC section(s) of your scheme in the 12 month period up to the latest scheme year end date?

Please provide the number of people who have left the DC and/or DC AVC section(s) during the scheme year ending on the date used for the membership figures given above. Include people as leavers where they have transferred or drawn their benefits from the DC and/or DC AVC section, even if they have not transferred their DB benefits. Do not include people as leavers where they have ceased to pay into the DC and/or DC AVC section(s), but have not transferred or drawn their benefits from the DC and/or DC AVC section(s). Where a member has left multiple sections, please count them multiple times. Where a DC/DC AVC member has the pension arising from their DC/DC AVC benefits paid by the DB section, please count them as a leaver from the DC/DC AVC section and the value of their fund as an outflow from the DC/DC AVC section.

Please also provide the total amount of money which has left the DC AVC or DC section(s) of your scheme.

Please separate this into the following categories:

  1. Retired and receiving benefits – to include the total amount of money transferred out of the DC AVC or DC section(s) of the scheme on behalf of members who have retired and their money has been transferred to a third party to provide their benefits. Include in this total any Pension Commencement Lump Sums (tax-free cash) paid to these members. Also include any trivial commutation lump sums. Where a DC/DC AVC member has the pension arising from their DC/DC AVC benefits paid by the DB section, please count them as a leaver and the value of their fund as an outflow from the DC/DC AVC section. 
  2. Transferred to another scheme – to include the total amount of money transferred out of the DC AVC or DC section(s) of the scheme on behalf of members who have transferred their assets to another pension scheme, either workplace or individual. Please do not include here any money in respect of members who have taken short service refunds.
  3. Other – to include the total amount of money paid by the scheme on behalf of members who have left the DC AVC or DC section(s) of the scheme for some reason other than retirement or transferring to another scheme. This includes members who have short service refunds, members deceasing (including retired members deceasing where they had their retirement benefits paid by the scheme). Please also include money paid by the scheme in respect of members who have left the DC AVC or DC section(s) of the scheme for any other reason.
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