FCA backs new 2-page pension statement

Alex Roy, acting head of cross-sectoral & funds policy at the Financial Conduct Authority, said the regulator supported measures to make pensions more understandable for consumers and understood the benefits of a simpler annual pension statement.

He said: "We are always open to ideas which can deliver better outcomes for users of financial services. As such, we have engaged with the working group during the development of the statement and we’re supportive of its aims."

The watchdog is also currently reviewing the effectiveness of the retirement wake-up packs, which are sent by providers to individuals six months prior to retirement age.

Companies that support the launch of the simpler annual statement include Legal & General, Aviva, Hargreaves Lansdown, Scottish Widows, Smart Pension, Pensions Bee, Nest and The People’s Pension.