Open consultation

Simpler annual benefit statements for workplace pensions

Summary

This consultation seeks views on the government’s approach to achieving simpler annual statements for workplace pensions.

This consultation closes at

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

Annex A: Your Allied Widgets Pension Plan Annual Statement

This file may not be suitable for users of assistive technology. Request an accessible format.

If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email accessible.formats@dwp.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Annex B: Technical guide to simpler annual statement

This file may not be suitable for users of assistive technology. Request an accessible format.

If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email accessible.formats@dwp.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Ways to respond

Email to:

pensionstatements.consultation@dwp.gov.uk

Write to:

Department for Work and Pensions
Automatic Enrolment Policy Team: Simpler Statements
Zone C, First Floor
Caxton House
London
SW1H 9NA

Published 1 November 2019
Last updated 31 October 2019