I’m not sure that pensions will be one of the major battle
grounds in this election, and if it is, it may tend to be around the ‘triple
lock’ headlines.
That would be missing the point. We need clarity form the next government in terms of the communication of pension plans. I appreciate the initiatives towards one design for future benefit statements, but the sooner the better.
Clarity on the future management and promotion of auto-enrolment is key. As is confirmation of state pension benefits and ages.
All this should lead to a harmonised approach to communicating pension benefits. Too many benefit statements have reams of small print. Most of it is legislative. Some of it is pension lawyers having too strong a say in the look and feel of communications.
It doesn’t help that we have the dreaded statutory money purchase illustrations. Loads of caveats. Tons of small print. So unhelpful.
Dear next government…. Please simplify communications. Cut the small print. Clarify the main figures. Help people understand.
That would be missing the point. We need clarity form the next government in terms of the communication of pension plans. I appreciate the initiatives towards one design for future benefit statements, but the sooner the better.
Clarity on the future management and promotion of auto-enrolment is key. As is confirmation of state pension benefits and ages.
All this should lead to a harmonised approach to communicating pension benefits. Too many benefit statements have reams of small print. Most of it is legislative. Some of it is pension lawyers having too strong a say in the look and feel of communications.
It doesn’t help that we have the dreaded statutory money purchase illustrations. Loads of caveats. Tons of small print. So unhelpful.
Dear next government…. Please simplify communications. Cut the small print. Clarify the main figures. Help people understand.
