A “P60 for pensions” – a type of annual pension statement for all pension holders – should be introduced, Aviva has told the Pensions Board in its submission to the board’s consultation process on the simplification of Ireland’s pension system.

“Just as all taxpayers get an annual P60 setting out their tax affairs, we believe people with pensions should benefit from the same,” said Kevin Moss, managing director of Aviva Life and Pensions Ireland.

Pension providers already send contributors updates, but the insurance group is arguing the case for a more detailed statement that would combine the value of private and State pensions, give a projection of the person’s retirement benefits and highlight the potential effect of an increase in contributions.

“In many cases people forget who they have their pension with, what their contributions are and how much their pensions are worth. In some instances, particularly with people who have frequently changed jobs, we have found that people have forgotten that they even have a pension,” Mr Moss said.

Pensions are “inherently complex”, according to the board. It noted in its consultation document that greater use of “plain English” in the industry could be a part of its “simplification agenda”.