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
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.
To comply with the new legislation our new pack is made up of three documents:
The yearly statement changes apply to the following plans regardless of when the scheme was set up or the member joined:
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.
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.