Gov't Urged To Rethink Plans For 'Statement Season'

By Martin Croucher (December 20, 2021, 12:50 PM GMT) -- The government should stop short of requiring pension schemes to send annual saving statements to members through the post, a trade body has said, as it warned of the risk of mail fraud and higher costs for the sector.

The Pensions Administration Standards Authority said on Friday that retirement saving plans should be able to send statements to members online rather than in a paper-based format.

The government wants all U.K. pension providers to send simplified annual benefits statements to members at the same time every year, in what it describes as a "statement season."

A pension plan with 120,000 members...

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