Pensions and financial inclusion minister Guy Opperman has today proposed regulations to introduce simpler workplace benefit statements so that members can better understand them.
The draft rules under consultation, open from 17 May until 29 June, would introduce requirements in April 2022 for the length and format of annual statements sent to certain defined contribution (DC) schemes used for auto-enrolment (AE). Following its 2017 review of AE, the government consulted in 2019 on how annual benefit statements could be reformed and made simpler, shorter and more consistent. In October 2020, the government said it would mandate an approach to simpler statements, using a two-page statement template developed during the 2017 review, as the starting point in conside...
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