WebApr 20, 2024 · London, 20 April 2024: PensionBee has today launched a second iteration of the Simpler Annual Benefits Statement, which now includes individualised member pounds and pence costs and charges information. PensionBee is the first UK provider to do this. The statement is fully mobile-optimised and online only. WebDWP is right to propose potential improvements in the way that schemes communicate with members. The department has captured the main issues well and the simplified statement shows the required information in a clear manner. ... advocate voluntary adoption of the simpler annual statement and a revision of the annual benefit statement
DWP vows to ‘cut through the complexity’ of pensions with simplified …
Webinformation provided to members through their annual workplace pension benefit statements, including information on costs and charges, and on a transfer of ownership … Webbenefit statement. We note that the proposal is to initially encourage adoption rather than mandate it. Establishing the clear boundaries of what is inside and outside scope will be more important if standard statements are mandatory. 8. That said, dashboards will need to find a way of presenting DB and DC benefits in a consistent and how do you say penelope in spanish
Simpler annual benefit statements - WTW - Willis Towers …
WebMar 28, 2024 · Communicating and reporting: DC schemes. Make sure you understand your pension scheme members’ views and needs, and you communicate with them at the right time and in the right way to help them make good decisions. Understand your duty to prepare a chair’s statement and report information to us. The DC code sets out the … WebOct 19, 2024 · On 19 October 2024, the Department for Work and Pensions (DWP) published a response to its October 2024 consultation paper on simplifying annual benefit statements. The DWP plans to require defined contribution schemes used for auto-enrolment to produce simpler annual statements. The full details will be put forward in a … WebOct 19, 2024 · While these new standardised statements will apply to AE schemes initially, the DWP said it remains an ambition to ensure all pensions schemes might offer similar simplified statement. However it acknowledged opinion was split on the values of putting costs and charges information on the simpler statement, as this may increase the length … phone on fire gif