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About this conceptYour annual pension statement, explained
In short
Your statement shows what your pension is worth now, what was paid in over the year, and what it might give you each year from the age you have chosen. Six parts matter most. They are numbered on the sample below, with an explanation of each beside it.
Annual pension statement
- 1: Your plan value, read the explanationYour plan value on 5 April 2026£24,318.40
- 2: Paid in this year, read the explanationPaid in this year£4,290.00You £1,560.00 · Your employer £2,340.00 · Tax relief £390.00
- 3: Growth and charges, read the explanationInvestment growth after charges£1,182.65Charges taken this year £96.10
- 4: Your selected retirement age, read the explanationYour selected retirement age67
- 5: What you might get, read the explanationWhat you might get at 67, in today's money£3,900 a yearor a lump sum of £18,700 and £2,900 a year
- 6: Beneficiaries, read the explanationBeneficiariesNone recorded
Your statement, part by part
Your plan value
What your pension is worth on the statement date. It rises and falls with the investments, so treat it as a snapshot rather than a promise.
Back to part 1 on the statementPaid in this year
Everything added during the year: your payments, your employer's payments, and tax relief, which is money that would have gone to the government as tax and is added to your pension instead.
Back to part 2 on the statementWhat does ‘tax relief’ mean?
If you pay £80, basic-rate tax relief adds £20, so £100 goes into your pension. That is why the tax relief here is a quarter of what you paid.
Growth and charges
How much the investments grew, or fell, over the year once charges were taken. Charges pay for running and investing your pension, and are shown separately so you can see them.
Back to part 3 on the statementYour selected retirement age
The age your estimate below is worked out for. It is not the only age you can choose: most people can take their pension from 55, rising to 57 from April 2028.
Back to part 4 on the statementWhat you might get
An estimate of the yearly income your pension might buy at your selected age. It assumes payments carry on and investments grow at a set rate, so it is a guide, not a guarantee.
Back to part 5 on the statementWhat does ‘in today's money’ mean?
What the future amount would buy now, after allowing for prices rising between now and then. It makes the estimate easier to compare with what things cost today.
Beneficiaries
The people you would like to receive your pension if you die. 'None recorded' means it is worth adding someone. In most schemes it takes a few minutes online.
Back to part 6 on the statement
Three things worth checking this year
- Your address and email are up to date, so nothing important goes missing.
- Your selected retirement age is still the age you have in mind.
- The people you would like to benefit are recorded, and still the right people.
Next step: check your details
Logging in lets you update your contact details, change your retirement age and add or update beneficiaries.
This is a demonstration of a concept. The information is general guidance, not personal financial advice, and any figures are made up for the example. For help with your own situation, MoneyHelper offers free, impartial guidance: moneyhelper.org.uk.
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