Here are some highlights to help you understand your Annual Benefit Statement:
Each Annual Benefit Statement shows the personal details we have been given by the employer that set up your account with us. If anything is wrong or out of date, please take a moment to update your details: if this is your current pension and you are actively paying in, you should do this by contacting your employer to ensure their records are correct. They will then provide us with the relevant updates to your details.
Here you will see how much of your pay both you and your employer are contributing into your account each time you are paid, expressed as a percentage.
If you see ‘0.00%’ in the Member field, this is most likely because your employer is operating a Salary Exchange (also known as Salary Sacrifice) scheme. In this case, both Member and Employer contributions are added together and the total contribution is displayed in the Employer field.
Here you will see how much has been paid into your account in the last scheme year, which runs from April to March, and the total paid in since your membership with us began.
You can pay in more by setting up an Additional Voluntary Contribution, which helps you to save more, faster. Contact your employer to do this.
If you see £0.00 in the Member field, this is most likely because your employer is operating a Salary Exchange (also known as Salary Sacrifice) scheme. In this case, both Member and Employer contributions are added together and the total contribution is displayed in the Employer field.
You can transfer old pensions into your Creative Pension Trust account so you everything together in one place. This can make it easier to understand whether you are on track for the kind of lifestyle you want in retirement.
Your investment allocation simply refers to where your money is being invested. In the table, you will see the fund name(s), the Annual Management Charge, and how your contributions are split between different funds if you have chosen more than one.
You can find out more about the investments available to your plan by downloading the Investment Choices Guide, which you can find in the Creative Pension Trust Member Portal.
In the Lifestyling field, a ‘Yes’ indicates you are in our Default Investment Strategy, which means we are making investment decisions on your behalf because you have not selected your own investments. Lifestyling means we will make investment decisions we believe are appropriate and based on your age, aiming to grow your savings during your career and preserve them as you get nearer to your retirement age.
A ‘No’ indicates you have selected your own investments, which will have their own individual investment approaches. You can refer to our Investment Choices Guide in the Creative Pension Trust Member Portal for more information.
Fund Information and Fund Value
This section provides a breakdown of the number of units you hold in each investment fund you have and the value of each unit. Units are purchased in the investments shown when you pay into your account. Over time, the price of these units can increase, linked to the value of the underlying investments, which in turn helps to grow the value of your pension pot.
Statutory Money Purchase Illustration
This provides you with an estimate of what pension you might receive when you retire, based on your Target Retirement Date, which is your 65th birthday unless you have chosen to change it.
An illustration is provided based on how much you and your employer pay in, your age, and a range of financial assumptions which are detailed in your statement, such as estimated inflation rates, investment returns and so on.