Recommendation 19

This Committee previously recommended, in 2011, that HM Treasury should work with employers and pension schemes to ensure that clear and relevant information is provided to employees on the value of their pensions, and that this information is regularly updated and its usefulness to staff assessed.41 Despite this, we have seen little evidence of progress in ensuring that people understand the value of their pensions: HM Treasury told us it recognises that more needs to be done.42 HM Treasury agreed that part of the problem lies in education, and making sure that people understand how pensions work generally. Recent initiatives may help. For example, the Ministry of Defence has considered introducing more specific information on pay slips about the employee and employer contributions to better communicate their value to the scheme members.43