Pension Statement Season

Published / Last Updated on 16/08/2021

In 2020, the Department for Work and Pensions (DWP) proposed the creation of a ‘short window’ pension statement season where people get a yearly pension statement for their workplace pensions.  At the moment, we all receive pension statements for different pension schemes at different times.

The DWP believes this approach is disjointed and means we never focus each year on our pension provision in the same way that we do for tax returns or holiday planning or indeed promotion and pay rises.

The DWP has now established a Pension Statement Season working group to develop the theme.

Comment

The current system of individual pension statements in disjointed in that they appear at different points during the year and for many, they are so complex that many do not understand them.  There is already a programme established developing the pensions dashboard where you can access all of your pension fund values, income and lump sum projections in one place.  We see the Pension Statement Season as a reinforcement of the same message i.e.  we all need to focus on our pensions position at least once a year.  This will help us all identify whether we are on target or whether we have shortfalls and what actions we need to take to make up those shortfalls.

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