Simpler Annual Benefit Statements For Workplace Pensions: Public Consultation

The PLSA has responded to the Department for Work and Pensions consultation on simpler annual benefit statements.

Pension schemes are enthusiastic about providing simpler and more consistent information to people about their retirement savings and the PLSA has been promoting the Simpler Annual Statement template as an example of good practice, including launching the template at the Annual Conference 2018.

Many PLSA members like the template as an engagement tool, and have said they would like to adopt it on a voluntary basis.

However, PLSA member schemes would like to retain the ability to adapt the statement to their own membership; to align with other scheme engagement strategies based on research with their members; incorporate wider pension benefits and total reward packages; and include more interactive online tools.