IRRV Alert - week ending 23rd October 2020
News
Consultations
Reports
Simpler annual benefit statements for workplace pensions (19 October 2020)
Consultation outcome
Simpler annual benefit statements for workplace pensions
Published 1 November 2019
Last updated 19 October 2020 — see all updates
From:
Department for Work and Pensions
This consultation has concluded
Download the full outcome
Government response: Simpler annual benefit statements
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Government response: Simpler annual benefit statements
PDF, 222KB, 32 pages
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Detail of outcome
We published the government’s response to the simpler annual benefit statements on 19 October 2020. The response provides details of next steps.
Original consultation
Summary
This consultation seeks views on the government’s approach to achieving simpler annual statements for workplace pensions.
This consultation ran from
9:30am on 1 November 2019 to 11:45pm on 20 December 2019
Consultation description
This consultation builds on the Automatic enrolment review 2017: Maintaining the momentum. It looks at how to deliver better annual workplace pension benefit statements that are shorter, simpler and have information that is easy to understand and will help members plan for the retirement they want.
It is structured around 3 issues:
- seeking views and evidence on the principle of short, simple, statements, presenting 3 options – and how adoption can be delivered through voluntary or mandatory approaches
- the presentation of information on costs and charges that can help members identify what they have paid for their pensions
- ownership of the guidance on the assumptions used in statements and how they can help members identify if their savings are on track
It also seeks views on the relationship of simpler statements with innovative communication tools, including pension dashboards, and how to encourage savers to open their statements.
This consultation is aimed at:
- occupational and personal pension scheme providers, trustees and managers
- pension scheme members and beneficiaries
- other industry bodies and professionals
- civil society organisations
- any other interested stakeholders
Documents
Simpler annual benefit statements
HTML
Simpler annual benefit statements
PDF, 455KB, 42 pages
Annex A: Your Allied Widgets Pension Plan Annual Statement
PDF, 46KB, 2 pages
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Annex B: Technical guide to simpler annual statement
PDF, 158KB, 10 pages
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Published 1 November 2019
Last updated 19 October 2020 + show all updates