New guide to help public service schemes prepare for annual benefit statements
Tuesday 8 March 2016
The Pensions Regulator (TPR) has today published an essential guide for public service pension schemes on issuing annual benefit statements plus an at-a-glance checklist to help with their planning.
Together with TPR’s existing guide on key information to provide to members, this completes a comprehensive suite of material to help schemes prepare and plan effectively.
To view these materials see our information on communicating to members.
Andrew Warwick-Thompson, Executive Director for Regulatory Policy at TPR, stressed the importance of schemes getting it right.
He said: “Annual benefit statements are critical in helping scheme members to plan and make key decisions about their retirement. We know the process can be complex and the timescales challenging, so we urge schemes to start planning without delay.
“This new guide has been developed as a result of our conversations with schemes and brings together different factors and considerations they need to take into account to ensure they issue their statements effectively, efficiently and on time.
“While the guide has been designed with public service schemes in mind, all schemes can benefit from the lessons the guide contains.”
The Local Government Pension Scheme for England and Wales was required to issue annual benefit statements to active members by the end of August last year, and the requirement comes in for all other public service schemes by the end of August 2016.
TPR is the regulator of work-based pension schemes in the UK. We have objectives to: protect members’ benefits; reduce the risk of calls on the Pension Protection Fund (PPF); to promote, and to improve understanding of the good administration of work-based pension schemes; to maximise employer compliance with automatic enrolment duties; and to minimise any adverse impact on the sustainable growth of an employer (in relation to the exercise of TPR’s functions under Part 3 of the Pensions Act 2004 only).
Tim Marks 01273 662092