PensionBee, a leading online pension provider, becomes the first to adopt Simpler Annual Statements.
PensionBee has adopted the Simpler Annual Statement, a new format for annual pension reporting to consumers.
The Simpler Annual Statement is designed to help consumers understand and compare their pension pots with different providers more easily.
Developed by Ruston Smith, an adviser to the Government, with input from the pensions industry, Pensions Minister Guy Opperman officially launched the statement in October 2018.
PensionBee delivered the Simpler Annual Statement to c.25,000 customers with live accounts. The Simpler Annual Statement was fully mobile optimised, as over 80% of PensionBee’s customers access their pension information on their phones.
Unlike the official version, which included only the statutory requirement on cost disclosure, PensionBee chose to include its charges within the statement shown in a clear and simple way.
Clare Reilly, Head of Corporate Development at PensionBee said: “The Simpler Annual Statement will help consumers make more sense of their pensions. For too long, pensions have been shrouded in mystery and complexity. At PensionBee, our mission is to make pensions simple and we are delighted to lead the way on this important initiative.”
Ruston Smith said: “The Simpler Annual Statement is intended to provide a short, clear, simple and, with wide industry adoption, a consistent approach for members to help them understand and engage with their retirement savings. I am absolutely delighted that PensionBee are leading on this initiative - doing their very best for customers - and hope that others will follow.”
Minister for Pensions and Financial Inclusion, Guy Opperman said: “I am 110% committed to simpler statements and am pleased to see PensionBee adopting the Simpler Annual Statement. I look forward to the rest of the industry doing the same thing in 2019.”