New bid to make pensions clearer

PENSION providers will be required to give much clearer information to people saving for retirement.

-  David Maddox

A two-sided sheet must be included in annual statements to show savers how much their pot is projected to be worth when they retire.

The proposals come amid concerns many people are still not saving enough for their retirement and are put off by complex statements.

The Government hopes the changes will see a new wave of people saving for a pension and encourage people to invest more in their pots.

Pensions minister Guy Opperman said: “It’s clear the status quo is not working, with savers left puzzled by the complex, sprawling, jargon-filled statements commonly used by the pensions industry.