Pensions minister Guy Opperman said savers are left puzzled by complex, sprawling, jargon-filled pension statements (David Mirzoeff/PA)Savers will have a much clearer picture of their pension pots from next year, the Government has said. Schemes will be required to issue their members with two-page documents highlighting in simple terms key information including the size of the saver’s workplace pension pot and a forecast for their retirement. A consultation will take place into the exact regulations, with the proposed changes set to come into effect in April 2022. Pensions minister Guy Opperman said: “It’s clear the status quo is not working, with savers left puzzled by the complex, sprawling, jargon-filled statements commonly used by the pensions industry. “Simpler statements will set a new standard for how pension companies communicate with their members.”PA Media

Source: Irish Independent May 17, 2021 14:03 UTC