Pension providers fear that call centres will be overwhelmed following the Govt’s announcement of a “pension statement season” for millions of savers.
Speaking at the Pensions and Lifetime Savings Association annual conference in a pre-recorded address, pensions minister Guy Opperman revealed that the Govt would legislate for a ‘statement season’ and confirmed efforts to simplify providers’ communication with more straightforward annual pension statements.
Opperman said: “I also intend to legislate for a ‘statement season’. This will maximise the impact of simpler statements, stimulate greater debate amongst the public. We have formed a cross-sector working group to identify workable options for the introduction of a statement season.”
In October 2020, the Govt first announced its plan for simpler annual pension statements. Opperman said that pension statements have been “shrouded in complexity and technical jargon, limiting people’s understanding of their savings and hampering their retirement planning.”
But pension companies are concerned that “pension season” may overburden call centres, affecting the level of service provided to savers.
B&CE head of pensions policy Tim Gosling says: “While we understand the intention behind a statement season, we remain concerned that it will only serve to concentrate engagement into a few short weeks rather than build long-term engagement between savers and their pensions.
“Larger master trusts, such as The People’s Pension, send out millions of statements each year; an arbitrarily restricted season could lead to overwhelmed call centres and a negative engagement experience for savers. An arbitrarily restricted statement season could lead to overwhelmed call centres and a negative engagement experience for savers.”