The aim of the statement is to help pension schemes and providers give savers just the key information they need, presented in plain English and with more consistency.
Commenting on the statement, Nigel Peaple, PLSA Director of Policy and Research, said:
“The simpler annual statement provides a refreshingly clear way of helping people better understand their future finances. Currently, some pension annual statements are far too lengthy and complicated, and we know from our own research that half of people don’t understand them. The simpler annual statement, together with the Pensions Dashboard and the retirement income targets we are developing, will help savers have a much clearer idea of what they have saved for retirement and whether they are on track to live the lifestyle they want. We will continue to work with the industry to improve pensions communications and engagement and help more people get a better income in retirement.”
The simpler annual pension statement can be downloaded here. You can also read more about the simpler annual statement in an article by Ruston Smith.
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Pension schemes newsletter 104 for October 2018 1 November 2018
HMRC has published this month’s pension scheme newsletter which includes confirmation that the RTI online service has been updated to prevent P6 coding notices being incorrectly issued. New guidance has been published.
The newsletter is published by HMRC’s Pension Schemes Services to update stakeholders on the latest news for pension schemes and includes articles on:
• Lifetime Allowance • Pension flexibility statistics • Registration statistics • Manage and Register Pension Schemes service • Reporting of non-taxable death benefits • Relief at source • Non-statutory clearances • Applications to register a pension scheme • Transfers between registered pension schemes • Reporting overseas transfer charges • Master trusts • Operating PAYE on pension payment
Pension schemes newsletter 104 for October 2018
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Countdown bulletin 38 – November 2018 5 November 2018
This publication provides important guidance and information to pension scheme administrators about the end of contracting-out, which although came to an end in April 2016 schemes are still submitting termination and transfer notices with end dates on or after 6 April 2016.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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