Providers could save £74m with online-only pension comms

In a Department for Work and Pensions (DWP) consultation, the government proposed allowing pension providers to ditch all paper-based communications with members. The move is part of a consultation to streamline communication requirements across all private pension schemes by October 2013. Pension schemes with lifestyling face a new requirement to disclose information to members when funds are being moved into low-risk bonds and cash as they approach retirement - which could cost them on average £47,000 a year. The DWP said stakeholder pensions are already required to inform member...