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Deferred benefit statements

Your deferred benefits statement

Each year we produce pension statements with details of your deferred benefits.

This year your deferred pension statement is available to view online from May.You will have received written correspondence from us detailing how you can register to access your pension information online.

If you have already registered for My Pension your statement is now available to view. If you haven’t registered it is important that you activate your My Pension account as soon as possible.

To get started with My Pension for the first time, please follow these simple steps :

  1. Click the My Pension logo on the home page

  2. If you don’t already have an activation key click on the ’Register for My Pension’. Enter your details and an activation link will be sent to the email address held on record; if we don’t have an email address for you, a letter will be sent to your home address which contains your activation code.

  3. If you do already have an activation or once you have completed the above steps and received your activate key click on ‘Activate your account’

  4. Enter your email address, create your password and select your security questions from the list

  5. You can now log in and view your My Pension account

  6. To access your annual pension statement click on the ‘annual benefit statement’ link in the My Documents tab on the home page of your My Pension account.

The deferred pension statement shows the value of your benefits when you left the scheme and their up to date value. Sorry, due to possible future changes to State pensions, we are not including any information about your State pension until further notice.

FAQs

Will everyone with deferred benefits get a statement?

As long as your deferred benefits were set up before 31 March 2019, you will be issued with a statement online.

What is the increase this year?

The rate of inflation we use is the CPI (consumer prices index). This is measured each Autumn, then our pensions are adjusted in line the following April. The rate of CPI this time round is 2.4%.

Please note: this is the rate for the full year, so if left the scheme part way through the year, your percentage increase will be a proportion of the full year's rate.

When can I draw my deferred benefits?

This used to depend on what the scheme rules said at the point you left. But due to a very recent change in the scheme rules, most members can now draw their deferred benefits from age 55, although early retirement reductions may apply. You can find out more about drawing your benefits on the following page: More information about when you can draw your deferred benefits.

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