About your Benefit Statement
A Benefit Statement is an annual summary of your pension savings, designed to give you information about the savings you have as at 31 March 2020 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 (‘the Scheme’) and paid contributions into your account during the Scheme year 2019/20, 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 Benefit Statement.
If you joined our pension Scheme after 31 March 2019 (the end of the Scheme year), you won’t receive a Benefit Statement for the Scheme year ending 31 March 2019. You will receive a Benefit Statement for the Scheme year ending 2019/20.
You won’t receive a Benefit Statement if you no longer have pension any savings with us.
Why have I received more than one Benefit Statement?
There could be several reasons:
- You left the Scheme and then re-joined at a later date
- The way you are paid has changed; for example, weekly to monthly
- You worked for more than one company using NOW: Pensions as a pension provider
- If you received multiple Benefit 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 Benefit Statements are for different accounts.
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 5 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 Benefit Statement are correct as at 31 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 Benefit 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 not increase
- Your pension will not include a Spouses’s/Civil Partner’s pension
- 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.
We also made some other assumptions – for example, how we invest your money, how inflation affects what your pension savings are worth and how you turn them into an income when you plan to retire. What actually happens will be different from what we’ve assumed, so these figures don’t come with a guarantee.
We can’t promise this is the actual amount of money you, or anyone else who benefits from your pension, will get. You could get more or less than this amount. These figures are a guide to help you plan. All figures shown here are estimates in today’s money.
How do you want to receive your next Benefit Statement?
If you received your Benefit Statement notification by letter and would prefer to receive news of 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 firstname.lastname@example.org or write to us at:
NOW: Pensions Ltd.
St James’ Tower
7 Charlotte Street
If you are no longer paying contributions, you can log into your online member account, contact us by phone or email, or write to us.