DC chair’s statement guidance is updated

The Pensions Regulator has made small changes to its quick guide. These focus on how additional documents can be attached and referred to in the chair’s statement.

Trustees preparing a DC chair’s statement will need to check that how they refer to the default statement of investment principles (SIP) and illustrative examples is in line with revised guidance.

Last April the DWP acknowledged (as part of a post implementation review of the regulations governing the chair’s statement) that the requirements for chair’s statements needed to be looked at again. The statements are typically too long, complicated and costly to produce. However, until it produces a simplified framework, trustees must continue to ensure they are meeting the current expectations.