Government papers: Simpler annual benefit statements for workplace pensions

This consultation 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 three issues:

  • seeking views and evidence on the principle of short, simple, statements, presenting three 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 closes on 20 December 2019.