About your Statement
A Benefit Statement is an annual summary of your pension savings, designed to give you information about the savings you have now and what they could be worth in the future. The information can also be useful in helping you make decisions about your retirement.
Who receives a Benefit Statement?
If you’re member of the NOW: Pensions Trust and paid contributions into your account during the Scheme year, we will send you a Benefit Statement. If you have money saved with us but haven’t paid contributions in the previous Scheme Year, you will also receive a Statement.
If you joined our pension Scheme after 31st March 2019 (the end of the Scheme Year), you won’t receive a Benefit Statement for the Scheme Year ending 31st March 2019. You will receive a Benefit Statement for the Scheme Year ending 31st March 2020.
You won’t receive a Statement if you no longer have any savings with the NOW: Pensions Trust.
Why have I received more than one Benefit Statement?
There could be several reasons why you have received more than one Statement.
- You left the Scheme and then re-joined at a later date
- You have changed payroll frequency; for example, weekly to monthly
- If you received multiple Statements for the same Scheme Year, they do not supersede each other; they are for separate records and the values will need to be added together to give the total fund value. Please check your reference number to identify if your Statements are for different accounts
- You worked for more than one company using NOW: Pensions as a pension.
How is the value of your pension calculated?
The estimated value of your future pension is calculated on a basis, required by regulations, called Statutory Money Purchase Illustration (SMPI). It shows the amount of money that might be payable when you retire, in today’s prices.
We worked out the estimated value of your pension savings on 5th April, 2019. Lots can happen between then and when you decide to use your money. To work out these figures out, we had to make several assumptions.
We assume that:
- Values and unit prices in your statement is correct as at 31st March, 2019. Any contributions received after this date are not included
- Your pensionable salary will increase at 2.5% per year to your selected retirement date
- If you choose to carry on paying into the Scheme, your employer will continue to make contributions to the Scheme at the same rates as are being made at the date of the statement
- Inflation will be 2.5% per year to your selected retirement date
- The funds will have the following growth rates:
- Diversified Growth Fund = 5.5% per year
- Retirement Countdown Fund Series I = 2.5% per year
- Retirement Countdown Fund Series II = 2.5% per year
- Your pension will increase each year in line with inflation
- Your pension may include a Spouse’s/Civil Partner’s pension equal to half that being paid to you
- The pension payable depends on investment performance and the cost of buying an income, which may differ from the assumptions
- Figures shown apply costs and charges as they are today.
What happens in the future may be different from our assumptions, so the figures shown on your statement are not guaranteed. We can’t promise that this is the actual amount of money you, or anyone else who benefits from your pension will get. You could more or less than the shown amount. The figures shown in your statement are a guide to help you plan for the future. All figures are shown in today’s money.
I want to receive my next Benefit Statement by email, how do I arrange this?
If you are an active member and want to receive your next Benefit Statement by email, you can either notify your employer or log into your online member account at www.nowgatewayx.com. (You’ll need either the email address you registered with or your Contract ID number.) Alternatively, you can call us on 0330 100 3334, email email@example.com or write to us at:
NOW: Pensions Ltd.
St James’ Tower.
7 Charlotte Street.
If you are a deferred member you can log into your online member account, contact us by phone or email, or write to us.