The Department of Work and Pensions has announced that it will shortly begin consulting on plans to introduce simpler annual benefit statements for workplace pensions.
This announcement by the pensions minister Guy Opperman, has been welcomed by the industry. Aegon head of pensions Kate Smith says: “We welcome the Pensions Minister’s announcement that he will shortly be consulting on a simpler annual benefit statement template for workplace schemes.
“These will complement pension dashboards and initiatives being taken by individual providers to create a step change in member engagement. Individuals need both the encouragement and the means to check they are on track for the retirement they aspire to.
“To support the Government’s preference for a ‘statement season’, it’s even more important that schemes and providers advance digital statements. Accessing pension digitally already allows people to see all their pensions online at the same time, whenever they want.”