“We strongly support the ambition to create simpler annual statements and will continue to work with government to ensure the content and design works for consumers. A template that is consistent, simple and clear will help increase engagement and understanding. However, we remain concerned that a ‘one size fits all’ template would fail to take account of the specific needs of certain groups of customers and would be in direct contrast to the more tailored approach that we believe is required to build engagement and help customers.

“While automatic enrolment is successfully helping more people to save for their future, the ongoing challenge is around building greater engagement. While a simpler statement is an important step forward, taking too prescriptive an approach risks stifling the innovation that will be key to achieving that engagement goal. We continue to support a principles based approach, that would enable the rollout of transformed annual benefit statements that are engaging and relevant to different groups of customers, whilst helping to ensure that the key information provided to pension savers was consistent across the industry, including information on charges.”

Neil Hugh, Head of UK Proposition, Phoenix Group

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Enquiries

Shellie Wells
Head of Corporate Communications
Lansons
020 3735 0922 / 07872 414 137
shellie.wells@thephoenixgroup.com

Rachel Esland
PR and Public Affairs Manager
Phoenix Group
0131 245 0489 / 07892 705093
Rachel.esland@thephoenixgroup.com