How can I find out more information about my statement?

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From time to time we need to make some changes to statements. You can find out more about recent changes below. Depending on the products you have, not all changes may be relevant to you.

  • your plan value within your statement summary now includes a terminal bonus and a market value reduction (if applicable);
  • the breakdown of your plan values within the 'in detail' section of your statement now shows the terminal bonus and a market value reduction included in the plan value; and
  • the calculations to get the retirement fund value and yearly pension figures shown within the illustration part of your statement, now include the current level of terminal bonus and market value reduction.

Find out more about with-profits.

We only show projection rates adjusted for inflation within our statements and key features. There are a few exceptions where this is optional, for example drawdown pensions. We've also reduced the maximum projection rates we use.

We've made these changes to meet new regulations from the Financial Conduct Authority, the Department for Work and Pensions and the Financial Reporting Council which came into force for all providers on 6 April 2014.

Inflation is a persistent increase in the price of goods and services over a period of time meaning that as costs go up, the pound in your pocket buys less. When we give you an illustration of the pension you could get in the future we take inflation of 2.50% a year into account. This shows you how it could affect your pension savings, investments and what your future pension could be in ‘today's’ money.

Find out more about how these changes may affect your pension or investment.

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