DWP makes simpler statement regulations
Pardon the Interruption
This article is just an example of the content available to mallowstreet members.
On average over 150 pieces of new content are published from across the industry per month on mallowstreet. Members get access to the latest developments, industry views and a range of in-depth research.
All the content on mallowstreet is accredited for CPD by the PMI and is available to trustees for free.
The Department for Work and Pensions has responded to a consultation on regulations and statutory guidance for producing simpler annual benefit statements, saying there was broad support, with the DWP making some revisions following feedback.
Earlier this year, the DWP proposed regulations and guidance to move to a simpler annual benefit statements that will enable a member to see:
Earlier this year, the DWP proposed regulations and guidance to move to a simpler annual benefit statements that will enable a member to see:
- how much money the member has in their pension plan and what has been saved in the statement year
- how much money they could have when they retire
- what they could do to give themselves more money at retirement
Pensions minister Guy Opperman said short and simple statements will improve people’s understanding and engagement with their pensions.
"I want to cut through all the jargon and complexity that too often get in the way of such understanding," he added.
In its response to the consultation, the government said it welcomes the expressions of support for simpler annual benefit statements from the majority of respondents and the comments.
The guidance has been published with some amendments.
For example, several responses asked for more clarity about the relationship between information that is required by the Disclosure Regulations; the additional information set out in the draft statutory guidance and included on the face of the draft illustrative statement template; the information to which the illustrative template may signpost; and the layering of additional documentation that may be sent to a member with their statement. The DWP said the statutory guidance has been revised to make this relationship clearer.
