Your fund value is the total amount of money in your pension savings with us at a particular point in time.
Your transfer value is the amount of money you can transfer out (take it out of the Scheme and move it to another pension provider).
Defined contribution pensions, like our Scheme, go up and down in value depending on the performance of the investments it uses. This affects the fund value and the transfer value.
The fund value is updated each week, usually on a Friday or Saturday. You can check the latest value online by logging in to your Gateway member account: www.nowgateway.com.
The transfer value is the value of your pension savings on the date you transfer them out of the Scheme. If you ask for a transfer value quote, it will be an estimate based on your fund value at the time of the quote and isn’t guaranteed. This is because investment values change all the time, so it’s not possible to know exactly what the value of your pension will be in advance.