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Government consultation proposes two-page statements for Defined Contribution pensions 19 May 2021
Draft rules included in a consultation published by The Department for Work and Pensions (DWP) will mean that it is compulsory for providers to issue simpler statements in relation to certain Defined Contribution (DC) pension schemes used as part of auto-enrolment.
These new style pension statements will need to be limited so that they span no more than two pages, and will be required to detail:
• How much money a saver has in their pension plan, along with how much has been saved in the statement year • How much money a saver could potentially have upon retirement • How a saver could ensure that they have more money for their retirement
The new rules are due to be implemented from April 2022, and while the consultation currently only focuses on auto- enrolment, the Government intends to introduce simplicity across all schemes at some point in the future.
The Financial Times Adviser reported that Pensions Minister, Guy Opperman had said:
The Chartered Institute of Payroll Professionals
Payroll: need to know
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