Auto-enrolment (AE) provider Smart Pension has launched a simplified and standardised two-page annual statement, which members can view on its online app.
The master trust - which is awaiting authorisation from The Pensions Regulator - launched the statement earlier this month, which is "clear and accessible" and delivers "key information" to members, it said.
The move comes after pensions and financial inclusion minister Guy Opperman officially launched the simplified annual statement in October last year, in response to the government's 2017 review of AE with the aim to "junk the jargon" and help people engage with their savings.
Smart Pension's version of the statement was led by one of its non-executive directors Ruston Smith, who was also one of the three chairs of the AE review.
The master trust has said it will follow-up with user testing in order to establish best practice, and to ensure maximum member engagement. It is planning to include a pounds and pence presentation of costs and charges in the next iteration of the statement, and is working on a mobile-optimised interactive video statement that will deliver real-time pension balance via its member portal and app.
Smart Pension director of policy and communications Darren Philp said this initiative is something the master trust is very supportive of.
"Clear, accessible and effective communications are essential if we are to encourage people to take ownership of their pensions, and the simplified statement is an essential step in the right direction.
"Smart Pension is focused on improving customer experience and using technology to help people with their retirement planning. By also making the two page statement available via our Smart Pension app, we hope this will encourage people to take an interest in what they are saving."
Smart Pension has taken on a raft of technology-based projects that are due to launch this year, such as a health and wellbeing app, and its at-retirement proposition with Legal and General, which combines drawdown and annuities to offer members ‘four pot' options.
Technology platform PensionSync has partnered with quantum employment pioneer My Digital to help contractors and employers manage pensions as more workers do temporary work for multiple firms.
Capita Pensions has partnered with data technology solutions firm Intellica to tackle the GMP equalisation challenges facing pension schemes.
Graeme Bold says the right communications can improve both the level of savings and the outcomes for savers.
More than half of UK savers agree they are unable to save sufficiently to achieve the retirement they want, according to research by BlackRock.