We’ve updated our workplace yearly statements

Published  17 June 2022
   4 min read

Our yearly statements have been updated to meet the new criteria set out by the Department for Work and Pensions (DWP) for workplace schemes.

We’re rolling out our updated yearly statement to our workplace pension customers over the coming weeks. We’re doing this ahead of the new legislation coming into force on 1 October 2022

What’s changing?

To help your client’s employees understand their pension savings better and to give some consistency and clarity around things like investment performance and plan charges, all providers need to adopt a similar look and feel across their statements.  The statement itself can’t be any longer than one double A4 size but it can be sent in a pack with additional materials.


What’s in our yearly statement pack?

To comply with the new legislation our new pack is made up of three documents:

  • Covering letter
    Outlines what’s in the pack, explains some of the changes we’ve made and how your client’s employees can get in touch with us.
  • New yearly statement
    Focuses on:
    • The value of an employee's plan over the statement period and start of the plan, as well as what their plan might be worth at their chosen pension date.
    • Who to contact for advice and/or guidance about their pension savings.
    • Contact details for their scheme's dedicated customer service team.
  • Additional information sheet
    The additional information sheet provides more information about where your client’s employees’ are investing their savings, their plan charges, any beneficiaries they’ve nominated and any ProfitShare we’ve awarded.


What plans do the new statement packs apply to?

The yearly statement changes apply to the following plans regardless of when the scheme was set up or the member joined:

When will these changes go live?

We’re rolling out these changes over the coming weeks.  If your client’s scheme yearly review date is around this time, their employees might still receive the current yearly statement and in which case, they’ll not get this new revamped statement until the following review. 


How will you tell my clients and their employees?

We’ll let your clients know about the changes in the latest workplace newsletter, Pension Matters. If your client’s employees will receive the new statement pack, we’ve added information to their covering letter letting them know about the updates and why we’ve made the changes.

You can find more information on what your clients need to do when they’re approaching their scheme yearly review, by reading our employer yearly review guide