Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what steps her Department is taking to ensure that information is provided to people in auto-enrolment pension schemes on the potential monthly contributions required to provide illustrative potential examples of monthly pension payments in retirement.

The Review of Automatic Enrolment in 2017 revealed that there is no consensus about future contribution rates and whether, when and to what level they might increase. As such, it is important that we understand the effects the planned increases will have, and to carry out further work on the adequacy of retirement incomes.

As part of the Government's 2017 Review of Automatic Enrolment, we looked at the theme of better engagement and how individuals can be better informed and enabled to plan for retirement. Pension providers increasingly offer online tools which offer fast, creative and cost-effective ways for providers to communicate with savers to help them plan. We welcome this investment, however there is more to do and the Review set out specific areas for the pensions industry and other partners to do build on and develop new initiatives. One area the Review examined was the role and examples of annual benefit statements which provide information to members about their pension saving, including important information to help members plan. One example of good practice included in the Review report was an approach that had been developed by industry and Ruston Smith, co-Chair of the engagement theme in the Review. Since the report was published that work has been continuing, and we welcome this as an example of industry taking the lead and working together to enable members to be able to plan for their retirement.