How can I find out more information about my yearly pension statement?Wed Nov 23 11:21:00 GMT 2016 Back to results
From time to time we need to make some changes to yearly pension statements. You can find out more about the recent changes below.
Please note that depending on the products you have, not all changes may be relevant to you.
From 19 November 2016
- if you're invested in a With-Profits fund that has guarantees, we take these into account when calculating the benefits shown in the illustration part of your statement;
- Use the links below to find out how this impacts the projection rates we use in the illustration.
From November 2015
- your plan value within your statement summary 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 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, include the current level of terminal bonus and market value reduction.
Find out more about with-profits.
November 2016 changes
From 19 November 2016, if you're invested in a With-Profits fund that has guarantees, the growth rates used for the illustration in your statement takes these into account.
April 2014 changes
We only show growth 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 growth 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 and 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.