Hogan Lovells

Key Dates

Consultation response, final regulations and final statutory guidance plus illustrative statement template issued on 19 October 2021. 

Consultation paper, draft regulations and draft statutory guidance were issued on 17 May 2021.

The Occupational and Personal Pension Schemes (Disclosure of Information) (Statements of Benefits: Money Purchase Benefits) (Amendment) Regulations 2021/1150 in force on 1 October 2022.


Summary

The DWP has pushed back the date for the new requirement for simpler annual benefit statements, so that it will now come into force on 1 October 2022 (postponed from 6 April 2022).  This change is announced in a response to consultation, issued alongside final regulations and final statutory guidance.   The changes are aimed at simplifying annual benefit statements given to members of qualifying schemes used for auto enrolment.   

When do the new requirements apply?

The new requirements will apply where:

Schemes which are outside the scope of the new formatting requirements are encouraged to adopt the principles of the statutory guidance (please see below) on a voluntary basis. 

Formatting requirements

Statutory guidance and basic template

Trustees or managers must have regard to statutory guidance when complying with the new formatting requirement for members’ annual benefit statements. 

The statutory guidance includes a basic template, which demonstrates how information in an annual benefit statement should be ordered and presented to ensure consistency between different schemes.  The template is divided into five sections:



Date Accessed: 03/12/2021