Guy Opperman says two page, simpler statements as well as an annual ‘season’ in which to issue them could be transformative steps for the UK pensions industry
The Department for Work and Pensions is to make it mandatory for auto-enrolment defined contribution (DC) schemes to use simpler annual statements.
Nearly two-thirds of this week’s 133 Pensions Buzz respondents believe the introduction of simpler and standardised annual benefit statements will help more members engage with their pension.
The government must now bow to pressure and allow providers to choose whether to send standardised, simpler pension statements, says Baroness Ros Altmann.
As the DWP’s consultation on simpler annual benefit statements closes, Holly Roach looks at the industry’s response.
Most of this week's 108 Pensions Buzz respondents agreed the pension schemes bill should be reintroduced in its exisiting form.
The Department for Work and Pensions (DWP) has launched a consultation setting out proposals for the adoption and launch of simpler annual benefit statements. Holly Roach reports
Auto-enrolment (AE) provider Smart Pension has launched a simplified and standardised two-page annual statement, which members can view on its online app.
Pensions have been seen as unfathomable for too long. George Currie says two initiatives currently underway may begin to change this perception.
PensionBee has become the first UK pension provider to adopt simpler annual statements to improve its pension reporting to members and encourage engagement.
The two-sided simplified annual pensions statement should be applauded, even if it missing information, says Jonathan Stapleton.
Pensions and financial inclusion minister Guy Opperman has launched a simplified two-page annual statement in a bid to provide a best practice template for the industry.