UK Gov't Warns Pension Providers To Simplify Statements

Law360, London (November 1, 2019, 4:59 PM GMT) -- The U.K. will introduce regulation if workplace pension providers do not simplify communications with customers, the government's pension minister warned on Friday.

Guy Opperman urged the industry to commit to giving savers clear information about their pensions — ideally on no more than two sheets of paper.

The statement comes as the Department for Work and Pensions issued a consultation on simplifying communications, with an opportunity for feedback from providers.

“Pension statements are too long, too wordy, full of jargon and confuse savers,” Opperman said. “People don’t read them, or if they do they can’t make head nor tail of them....

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