Pensions - Articles - Simpler annual benefit statements


The Department for Work and Pensions has opened consultation on simpler annual benefit statements today.

 Lizzy Holliday, Head of DC, Master Trusts and Lifetime Savings at the Pensions and Lifetime Savings Association, commented: “Simpler annual benefit statements, along with the Pensions Dashboard and the PLSA’s new Retirement Living Standards, are a great example of good practice in providing savers with clear and concise information that helps them understand their pension.

 “Pension schemes are enthusiastic about providing simpler and more consistent messages in their communications with members. An important principle is that they should be free to tailor their messages for their own member base as well as innovate the means of communication as technology advances. The simpler annual statement guidelines must necessarily balance the need for flexibility to allow for this and the need for descriptors that ensure savers get consistent information from scheme to scheme. We therefore welcome exploration of the descriptors we developed and look forward to continuing our work with the industry and the Department for Work and Pensions in developing best practice guidance.”
  

Back to Index


Similar News to this Story

TPRs oversight of largest DC schemes is evolving
Master trusts, some of the UK’s biggest defined contribution (DC) schemes, will be supervised differently to identify market and saver risks sooner an
Pension disengagement may cost you GBP500k in retirement
Failing to actively engage with pensions during one’s working life could have a staggering financial impact, according to a new report from PensionBee
Ongoing confusion over IHT proposals and pension priorities
Sacker & Partners LLP (Sackers), the UK’s leading specialist law firm for pensions and retirement savings, today announced the results of their most r

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.