Flanagan also questioned whether the proposed two-page benefit statement should be rolled out to all DC schemes rather than only to those used for auto-enrolment purposes.
She said: "The reality is that members will receive a number of benefit statements from different pension administrators. It would be better for there to be consistency in format and content across all schemes to help members understand and engage with their pension."
Likewise, Smith called this a "massive fly in the ointment", especially as many savers will have historical DC workplace benefits along with individual personal pensions, so will continue to receive different annual benefit statements.
"This isn’t likely to aid their understanding".
However, the Financial Conduct Authority is shortly expected to launch a consultation on non-workplace pensions, and may have a view on bringing individual personal pensions into scope with the DWP's plans for workplace pensions.
simoney.kyriakou@ft.com
