Simpler annual benefit statements for workplace pensions

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