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PLSA comments on launch of simpler annual statement

PLSA comments on launch of simpler annual statement

18 October 2018, Press Release

The Pensions and Lifetime Savings Association (PLSA) has today (Thursday) commented on the simpler annual statement produced by Ruston Smith in conjunction with experts from the pensions sector - launched at the PLSA’s Annual Conference.

Nigel Peaple, Director of Policy and Research at the Pensions and Lifetime Savings Association, 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 download here.

-Ends-

NOTES TO EDITORS

Background:

Previous PLSA research has found:

  • Three-quarters of respondents with a pension scheme (74%) said they remember receiving an annual statement from at least one of their pension providers in the 12 months.
  • Of those who remember receiving an annual statement in the last 12 months, just under half (47%) said that they tried to read the annual statement(s) but didn’t understand them well, and a further 15% said they didn’t read the annual statement(s).
  • Of those who remember receiving an annual statement in the last 12 months, almost three-quarters (73%) didn’t take any action as a result of receiving their annual statement.

Methodology: The PLSA commissioned Populus Data Solutions to undertake an omnibus poll of approximately 1,500 individuals aged 18 to State Pension Age (SPA) in the UK to examine attitudes towards saving for retirement. The poll was conducted between 30th  and 31st May 2018. Data has been weighted to be representative of the UK population.

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