Simpler Annual Statement announced
Trustees Agenda posted on 19 October, 2018
At the PLSA conference on the 18 October, the Minister for Pensions and Financial Inclusion announced a new Simpler Annual Statement. Only two pages long, it was developed in response to the Government's 2017 review of auto-enrolment which aimed to simplify information and encourage people to engage with their savings.
The review found that only 14% of savers read the millions of annual pension statements issued by providers and schemes. The Simpler Annual Statement sets out the most important information - the amount of employer and employee contributions, the tax relief value and the amount of money in a pension scheme. This streamlined statement is intended to make it easier for the member to engage with their benefits and make the information more accessible.