Commenting in response to the DWP consultation on 'simpler annual benefit statements' on the deadline for submissions, Greer Flanagan, Senior Consultant, Hymans Robertson, says:

“We welcome this consultation and fully support the ambition for the proposed simplicity of benefit statements and the advantages that go alongside this. The consultation proposes a two-page benefit statement and with our experience of moving some of our clients to this already we can see both advantages and disadvantages. The proposed content is excellent but the challenge is to contain any supplementary information whilst keeping it on two pages. While we applaud the aims of the consultation, we also have some concerns around the proposed timescales. Allowing an extra year for this to be put in place would not only ensure it is implemented correctly but it will also enable these statements to be automated which would be a huge step forward. We also question whether the proposed two-page benefit statement should be rolled out to all DC schemes rather than only to those used for Auto Enrolment purposes. The reality is that members will receive a number of benefit statements from different pension administrators. It would be better for there to be consistency in format and content across all schemes to help members understand and engage with their pension.”