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Calls for FCA to simplify auto-enrolment disclosure

Standard Life is calling on the FCA to simplify its pension rules for auto-enrolment to avoid confusion for employers and employees.

Existing pre-auto enrolment rules mean prospective members receive key product information about contract-based schemes before they make a decision to join.

The information is designed to help them make an informed decision about the pension contract they are entering into.

Members who are auto-enrolled then receive post-sale disclosure documents from the Department for Work and Pensions.

Standard Life head of workplace strategy Jamie Jenkins argues these two disclosure documents overlap with each other.

He says: “With the new obligation upon employers, eligible employees are enrolled automatically and so employees are not making the decision to join. They have been opted in and they have to consider whether they want to remain in the pension.

“To avoid confusion for employees, and employers, we would like to see the auto-enrolment obligation supersede the need to provide product information pre-auto enrolment and to permit it to be provided afterwards.

“Based upon the positive response from regulators to date, we hope we can improve this element of auto-enrolment.”

The FCA was unavailable for comment.

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