Webb29 apr. 2024 · New regulations to simplify annual pension benefit statements, and make them more consumer-focused, will come into effect on 1 October 2024. These will apply to auto-enrolled defined contribution (DC) pension schemes, which will need to provide annual benefit statements not exceeding one double-sided sheet of A4 paper when printed. Webb24 feb. 2024 · We note that in 2024, the Department of Work and Pensions (DWP) consulted on transferring responsibility for setting SMPI assumptions from FRC to the DWP and the government response to submissions (see Government response: Simpler annual benefit statements) indicated support for this move.
Annexes for Feedback Statement – FS19/5 - FCA
Webb11 okt. 2024 · Statutory Guidance: Simpler Annual Pension Benefit Statements. The purpose of this Guidance is not to restate the legal requirements for those trustees or … Webb16 aug. 2024 · The DWP response to its initial consultation on simpler annual statements, published in October 2024, noted that while some respondents were attracted to the idea of a statement season, “others highlighted a number of issues including operational and transitional challenges, and whether this approach would clash with the trend to greater … chs coolers
UPDATED: DWP to mandate use of simpler annual statements for auto …
WebbAn essential guide to issuing annual benet statements . Public service schemes. 2. Introduction. Annual benet statements (ABS) are critical in enabling members to … 4. The purpose of this guidance is not to restate the legal requirements for those trustees or managers of schemes that fall within the scope of the … Visa mer 13. This guidance is Statutory guidance published under section 113(2A) of the Pension Schemes Act 1993. Visa mer 8. This guidance will be reviewed at intervals not exceeding 5 years to coincide with the review of the 2024 Regulations, and may be updated earlier if necessary. 9. When we review the guidance we will consider, for possible … Visa mer 14. For occupational pension schemes, the Pensions Regulator (TPR) monitors and enforces compliance with legislation and provides practical guidance about what trustees or managers need to do. The Department for … Visa mer Webb25 okt. 2024 · The simpler annual benefit statement template is divided into 5 sections and the aim is that the information presented should enable the member to easily … chs coordination of benefits