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...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
