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Your annual statement

It is important to review your pension savings to help you decide if you are saving enough, or to decide if you are currently investing in the right way for your needs.

 

Traditionally, an Annual Statement was produced for members who were part of the scheme as at the previous 5 April. For example, if you were in the scheme as at April 2017, you would receive an annual statement by 5 April 2018. Your Annual Statement outlines how much you currently have in your pension pot as at 5 April, providing more information about the funds you are invested in.

 

For most members the Annual Statement also includes an SMPI (Statutory Money Purchase Illustration), estimating what your future pension fund might provide you at your chosen retirement age.

 

Welplan will continue to produce an Annual Statement and SMPI for our scheme members each year.

 

Changes in 2018: secure online member accounts

 

All members should have now received an invitation to register for an online account (or Opt In to keep paper copies). Going forward, all Annual Statements will be available under the ‘Your Documents’ folder of your online account as default, helping to reduce the production of paper based documentation.

 

An important feature of your online account is the ‘Benefits Calculator, this feature allows you to calculate your options at your chosen retirement age, in the same way as the Annual Statement does, but in real time. This means that whether you are due an annual statement or not, you can log on at any time to view your latest position.

 

 

Your SMPI is based on a set of assumptions, so it should be read together with the explanation of these assumptions, which you can download below. If you require a paper copy, please contact a member of our team on 01768 860401 or email contact@welplan.co.uk.

 

 

If you've not received your statement, it might be because your contact details are out of date. It's important that you let us know about any changes to your address and email details to make sure you receive communications from us. To let us know if your personal details have changed, contact our team.