29
Accepted
The simpler annual pension statement will require schemes to show information to members in a...
Conclusion
The simpler annual pension statement will require schemes to show information to members in a consistent way across the industry. We welcome the simpler annual pension statement and believe it will be particularly beneficial to people with many pension pots.
Government Response Summary
The government has recently introduced Regulations to make Annual Benefit Statements for defined contribution schemes simpler and easier to understand.
Paragraph Reference
115
Government Response
Accepted
Government Response
Accepted
HM Government
Accepted
We have recently introduced Regulations to make Annual Benefit Statements for defined contribution schemes used for automatic enrolment much simpler and easier for members to understand. This will help increase engagement with pensions, and prompt people to seek further information and guidance.
Source
Committee
Work and Pensions Committee
Inquiry
Protecting pension savers – five years on from the Pension Freedoms: Accessing pension savings
Addressee Bodies
Department for Work and Pensions
Timeline
Recommendation age
4.5 yrs
Report published
18 Jan 2022