Commons Sense

House of Commons · Written Ministerial Statement

Private Pensions: Simpler Annual Benefit Statements

19 October 2020 · Department for Work and Pensions

Proposed by Guy Opperman Con Hexham

Benefits & Welfare

Summarised by AI from the official record, so it can contain mistakes.

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At a glance

Key points

  • Government addressing complexity and inconsistency in annual pension benefit statements for multiple jobs and pensions pots
  • Consultation on draft regulations for simpler, standardised pension benefit statements for Defined Contribution schemes used in Automatic Enrolment planned for later in 2020
  • Aim to introduce a 'statement season' to normalise workplace pension saving and enhance financial security in retirement

Issue summary

The government is addressing the complexity and inconsistency of annual pension benefit statements for multiple jobs and pensions pots.

Action requested

The government will consult on draft regulations later this year for simpler, standardised pension benefit statements for Defined Contribution schemes used in Automatic Enrolment. They aim to introduce a 'statement season' to normalise workplace pension saving and improve financial security in retirement.

Key facts

  • Participation in pension saving has been transformed by the success of Automatic Enrolment.
  • Consistency across pension benefit statements will help savers understand their pensions better.
  • A standardised template for simpler, jargon-free statements is planned.
  • The government aims to improve consistency across all pension schemes over time.
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