We’ve launched a new look simpler annual benefit statement for some types of workplace pensions. If you’re a member of one of the schemes included in this update, you’ll notice some changes when you receive your next annual benefit statement.
Our updated statements have a simpler layout that highlights the most important information you need to know about your pension savings.
The main difference you’ll see is the way we present your annual benefit statement. There are now two parts: a two page annual benefit summary highlighting the main details of your pension and the additional information which is everything else that you need to know.
Don’t worry, we’re still providing all the information you’ve previously received, and the way your pension works hasn’t changed. We’ve just reorganised how we present the information to you.
Find out more about simpler annual benefit statement layouts:
This is all of the most important information about your pension in a two page summary, so you can find it quickly and easily. On these two pages you’ll find:
All of the rest of the really important details about your pension are in the additional information. This is all the supporting information that we need to let you know about, to help you understand your pension and any options that may be available to you.
We’re required to follow new guidelines provided by the Department of Work and Pensions (DWP), as are all other pension providers who offer workplace schemes with automatic enrolment. So if you have workplace pensions with other providers, you may notice similarities in the statements you receive from them too.
The new DWP guidelines introduce a consistent layout, making annual benefit statements easier to read and understand. The new two page summary will make it easier for you to compare and contrast your pension information, if you have multiple schemes.
And it’s not unusual to have multiple schemes. With automatic enrolment, when you change employer, you’ll usually be enrolled into your new employer’s pension scheme. This means you may have multiple pension pots. You’ll receive an annual benefit statement for each scheme, whether you’re actively paying into it, or not.
If you’re not sure of some of the words or terms that have been used, please check our glossary for more information www.pru.co.uk/glossary
We recommend you speak to a financial adviser, if there’s something you’re not sure about. If you don’t have an adviser, you can find out how to get one at www.pru.co.uk/find-an-adviser
If you're over 50 we also recommend you speak to PensionWise – a government service from MoneyHelper which offers free and impartial guidance to help you understand your retirement options. Visit www.moneyhelper.org.uk/pensionwise or call 0800 280 8880 or (+) 44 20 7932 5780 if you’re calling from outside the UK. 0800 numbers are free to call from the UK, international calls are charged at your international rate.
If you’re not already receiving your annual benefit statement and other communications from us online, then check to see if your pension plan is eligible at pru.co.uk/online To register for the online service you’ll need to be the policy holder, have your plan number and postcode to hand.
Once you’ve registered, your documents will be stored safely in one place - less paperwork for you and better for the environment. You’ll also be able to check your pension value at any time, make changes to your details and contact us with secure messaging.
Protecting yourself and your savings from scammers is important to us. Read our articles to find out what you can do to keep your information and savings safe, what to look out for and who to contact at pru.co.uk/scam-hub