We’ve updated our workplace yearly statements

We’re rolling out our updated yearly statement to our workplace pension customers over the coming weeks. We’re doing this ahead of the new legislation coming into force on 1 October 2022

What’s changing?

To help your employees understand their pension savings better and to give some consistency and clarity around things like investment performance and plan charges, all providers need to adopt a similar look and feel across their statements.  The statement itself can’t be any longer than one double A4 size but it can be sent in a pack with additional materials.

What’s in our yearly statement pack?

To comply with the new legislation our new pack is made up of three documents:

• Covering letter
  Outlines what’s in the pack, explains some of the changes we’ve made and how your employees can get in touch with us.
• New yearly statement
  Focuses on:
  • The value of an employee's plan over the statement period and start of the plan, as well as what their plan might be worth at their chosen pension date.
  • Who to contact for advice and/or guidance about their pension savings.
  • Contact details for your scheme's dedicated customer service team.
• Additional information sheet
  The additional information sheet provides more information about where your employees’ are investing their savings, their plan charges, any beneficiaries they’ve nominated and any ProfitShare we’ve awarded.

What plans do the new statement packs apply to?

The yearly statement changes apply to the following plans regardless of when the scheme was set up or the member joined:

When will these changes go live?

We’re rolling out these changes over the coming weeks.  If your scheme yearly review date is around this time, your employees might still receive the current yearly statement and in which case, they’ll not get this new revamped statement until the following review. 

How will you tell my employees?

If your employees will receive the new statement pack, we’ve added information to their covering letter letting them know about the updates and why we’ve made the changes. 

You can find more information on what you need to do when you're approaching your scheme yearly review, by reading our employer yearly review guide.