Q: What is a Benefit 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.
Your Benefit Statement tells you:
– How much money you’ve saved in your account
– How you might have when you choose to retire
– What you could do to save more money
– About any activity during the Scheme year with your account, such as transfers in or out
– Details of charges you pay and where your money is invested
Q: What’s the Scheme Year?
Benefit Statements refer to the last Scheme Year. The NOW: Pensions Scheme Year runs from 1st April to 31st March. The requirement is for Benefit Statements to be sent within 12 months of the last Scheme Year.
Q: Why am I receiving this Statement so late after the end of the Scheme Year?
Pension regulations states annual Benefit Statements must be produced within 12 months of the Scheme Year end, which is 31st March.
Q: Who receives a Benefit Statement?
If you’re a 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 2018 (the end of the Scheme Year), you won’t receive a Benefit Statement for the Scheme Year ending 31st March 2018, you will receive a Benefit Statement for the Scheme Year ending 31st March 2019.
You won’t receive a Statement if you no longer have any savings with the NOW: Pensions Trust.
Q: 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 pensions provider.
Q: I want to receive my Benefit Statement by email next time, how do I arrange for 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 nowgatewayx.com * (You’ll need either the email address you registered with or your Contract ID number).
NOW: Pensions Post Handling Centre
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.
* For more information on how to access your online account click here
Q: What’s new about your Benefit Statement?
Your Benefit Statement is very different from last year’s. Based on research and feedback from our members, we have redesigned the Benefit Statement to make it easier to understand and navigate.
We have also included information about login into your account. In addition, there is a chance to win £100 in Red Letter Days vouchers, when you take part in our member survey which can be found here