- Foxmain Associates
Pension statements to simplify in Government overhaul
The Government is to introduce simpler, two-page pension statements to make it easier for savers to understand how their saving for retirement is progressing.
It is consulting on the exact plans, with the idea that people willl enaheh more with pension saving if they can easily see the information about the size of their pension pot in a simpler format.
The two-page document will highlight in clear terms the size of a saver's curent pension pot, and how much has been saved over the previous year. It will also make clear how much money the saver could have when they retire if they continue saving at that rate, and wha they could do in order to boost the size of their eventual pot.
The focus will initially be on automatic enrollment schemes, with the intention of rolling out simple statements across all other pension schemes later on.