Summary

  • You can access your Annual Benefit Statement using the Creative Pension Trust Member Portal
  • Your Annual Benefit Statement shows what’s been paid into your pension to date and what it could be worth when you retire, giving you an idea as to whether you are on track for the lifestyle you want to have in retirement
  • You can see how your pension is doing at any time using the Creative Pension Trust Member Portal
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Applies to all our plans

Understanding your Annual Benefit Statement

After each scheme year (which runs from April to March), you will receive an Annual Benefit Statement for your account.

The purpose of your Annual Benefit Statement is to give you an idea of how much you have saved, what you and your employer continue to pay in, and to project what your pension value will be at your retirement.

You can download your Annual Benefit Statement from the Creative Pension Trust Member Portal.

More about how to Understand your Annual Benefit Statement

Here are some highlights to help you understand your Annual Benefit Statement:

Personal Details

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 If anything is wrong or out of date, please take a moment to update your details: if this is your current pension and you are actively paying in, you should do this by contacting your employer to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.

  • Normal Retirement Date: this is the date you will turn 65, which is the standard retirement age for Creative Pension Trust. We will assume you intend to retire around this time unless you tell us otherwise. However, you are in control and you will not have to draw your pension unless you choose to
  • Target Retirement Date: if you have selected your own intended retirement age using the Creative Pension Trust Member Portal, the date will be shown here. If you have not, it will be the same as your Normal Retirement Date
  • Death Benefit Nomination Completed: if you have not nominated a beneficiary – someone or any number of people to receive your pension if you were to die before taking it, this will be marked as ‘No’. You can easily tell us what you would like to happen to your pension by nominating beneficiaries using the Creative Pension Trust Member Portal

Contribution Rates

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.

Contributions Received

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.

  • Ordinary: these are Ordinary Contributions, which are made by you and your employer each time you are paid
  • AVCs: these are Additional Voluntary Contributions, which you or your employer can choose to make in addition to your Ordinary Contributions to top up your account and help to grow your pension
  • Transfers-In: indicates any other old pensions from your previous jobs or personal pension pots that you have combined into your Creative Pension Trust account

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.

Investment Allocation

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.

Things to consider when thinking about your future

Combining your pensions

If you have a number of pensions elsewhere from previous jobs, you might find it easier to understand your current and future circumstances if your money is in one place. By choosing to combine your old pensions into your Creative Pension Trust account, you will have one Annual Benefit Statement that provides a clearer view of your pension savings. This may not be right for everyone, but you may find our charges are lower than other providers and you may find it easier to keep track of everything.

Paying in more

If you don’t feel like you are on track for the kind of retirement lifestyle you want, you may want to consider increasing how much you pay in each time you get paid.

To do this, talk to your employer’s HR or Payroll team, who can arrange an Additional Voluntary Contribution for you.

  • Although you are free to choose your own investments, you may want to consider financial guidance or advice.
  • Investments can go down, as well as up, and you may not get back what you originally invested.
  • It’s important to make informed choices about your pension, so you may want to take professional financial advice before making any decisions. You can find out more about financial guidance and advice on this website.

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