What information do you send me?
If you’re an active member, you’ll receive a Benefit Statement each year, which will be accessible from your online account. This will be your Retirement Savings Account if you’re a Defined Contribution pension, or DB Online if you’re a Defined Benefit member.
We aim to issue statements close to the ‘statement date’ so you can see your benefits. We will also provide you with more information (normally twice a year) including a summarised version of our Annual Report and Accounts, updates on what we are doing and important pensions news, this is usually by email as it helps to reduce costs to your scheme and fits in with our values as an organisation.
For defined benefit schemes, there is a legal requirement to conduct a full funding review of the scheme every 3 years, with an interim funding update provided between full valuations. These are completed by the scheme Actuary. To keep members informed about the scheme’s funding position, Summary Funding Statements are issued to all members. These can be collected from the documents area of DB Online, or will be issued in paper form on request.