DWP pushes back simpler pension statements by six months

Government recognises implementation hurdles but highlights three years’ notice

James Phillips
clock • 3 min read

Auto-enrolment (AE) schemes will need to produce simpler annual statements within a standardised template from 1 October 2022, the government has confirmed.

Such statements will need to include member and pension plan details; the amount of money already saved; how much money could be available at retirement; how more money can be saved; and how to find out more about the pension plan and using the savings. The Department for Work and Pensions (DWP) yesterday (19 October) said it was pushing the implementation date back by six months to 1 October 2022, having recognised industry concerns about having sufficient time to adopt the requirements in an accurate and reliable manner. However, in its consultation response, the DWP did note that a...

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James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

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