FAQs for members
We’ve made two changes to the way we show charges in your annual benefit statement.
Investment management charge
Our members have always paid a 0.3% investment charge on the money they invest. This hasn’t changed. We’ve just changed how we show the charges. From 12 May 2025, when we launched now:u, we started listing the charge separately. Before this date, we took your investment charge by reducing the unit price on the funds your money was invested in.
We’re not charging you more for investing your money. We’ve just changed how we show the charges, so you have a clearer view of the investment charges you pay.
To see a breakdown of your charges, log in to now:u and go to Transactions. Choose Charges (on the app you’ll need to scroll right to show it).
Administration Charge increase
On 1 September 2025, our Administration Charge increased from £1.75 to £2.00 a month. This charge only applies if you have more than £100 in your now:pensions account each month, after we’ve taken off the charge.
Your annual statement covers 1 April to 31 March each year. We must send your statement within the following year but we aim to send your statement as soon as possible.
It’s a summary of your pension savings.
Every year we send an email to your now:u mailbox with your annual statement attached. Log in to now:u and go to your mailbox. You’ll be able to download your annual statement and print it, if you want to.
Your annual statement covers the period between 1 April and 31 March each year. It tells you what your pension savings are worth at 31 March and how much they could be worth in the future.
Your annual benefit statement tells you:
- how much money you’ve built up in your pension savings
- how much you and your workplace have paid in
- how investment has affected the value of your pension savings
- the costs and charges that apply to your account
- an estimate of how much your savings might be worth at your planned retirement age
- what you could do to give yourself more money in the future
We’ll send your annual statement to your now:u mailbox. You’ll be able to log in to now:u and see it.
We also send an email to the email address we have for you to tell you your annual statement is available.
You’ll get an annual statement if you have pension savings in your now:pensions account as of the most recent 31 March.
We won’t give you a statement if you no longer have any now:pensions savings. This is usually because you’ve taken your money out of now:pensions or transferred your now:pensions savings to another pension scheme.
In your latest annual statement, the money you saved ‘this year’ includes the money received and invested into your now:pensions account from 1 April 2025 to 31 March 2026.
Your previous statements also included money that was due on or around 31 March but hadn’t yet been invested into your now:pensions account on 31 March.
This means:
- some of the money shown as saved ‘this year’ in your latest statement (up to 31 March 2026) may have also shown as money saved ‘this year’ in your previous statement (up to 31 March 2025), and
- the total amount in your pensions savings on 31 March 2025, shown in your previous statement, might be higher than the value on 1 April 2025 that is shown in your latest statement.
This will not appear in future annual statements – all money received ‘this year’ will be money that was received and invested into your now:pensions account in the relevant 12-month period.
You can see an estimate of your future pension savings in the now:u retirement planner, or on your annual benefit statement. To learn more about the assumptions we use to determine your future pension estimates, read our How we work out the future value of your pension savings guide.
We sometimes have to adjust the value of your pension savings to put right something that’s gone wrong because of an administrative error.
Read our Understanding adjustments on your annual benefit statement guide to find out more.