More pension information urged

Members of non-money purchase schemes should be kept better informed about their pensions, the Department of Work and Pensions (DWP) announced today.

16:34 09 September 2005

More pension information urged

Members of non-money purchase schemes should be kept better informed about their pensions, the Department of Work and Pensions (DWP) announced today.

New draft proposals from the DWP say that members of such schemes should receive an annual benefit information statement automatically.

The proposals also seek to relax the rigid timetables of current disclosure periods.

Stephen Timms, the minister for pension reforms, said that the moves are important and necessary to ensure that everyone is informed about their pension.

"If people are able to make informed choices about ensuring they have adequate provision for their retirement then they will need to have information," said Mr Timms.

The guidelines will be in consultation until December 2nd and if adopted will replace the existing Occupational Pension Scheme disclosure of information regulations.

The government continues to encourage people to make adequate financial preparations for their retirement in response to the predicted shortfall in the state pension.