Your annual benefit statement – probably the most important document we send you each year – is now available to view online. When you look at it, you’ll be able to see three main things:
Where you are: how much money you’ve got in your HIPS DC pension account at the moment
Where you’re going: how much your pension could be worth at retirement, based on certain assumptions
What you can change: how you could increase your pension
You can use the money in your pension account in lots of ways. We’re only showing you what you might get if you turned it into an income for life – also known as an annuity.
You may already be aware that over the next few years the government will be launching Pensions Dashboards, a platform that will allow individuals to see all their pension information in one place. As part of the preparation for this, they wanted to ensure that all pension projections are worked out under the same set of assumptions so it’s easy for members to review multiple pension pots (if necessary) within the platform once it’s live.
For this reason, when calculating the amount you may receive as an annual pension, we no longer take your gender into consideration, whereas previously we would have. This is in line with new legislation. This new legislation also sets out new rules for how we calculate investment returns for your pension account between now and when you retire.
