There’s some information that your scheme or provider must give you if you ask for it – and with some schemes even basics like statements have to be specially requested. There might be a charge for some of these items – so check first what the charges are and when they apply.
Annual pension statements – defined contribution schemes
If your pension is a defined contribution scheme, your provider must send you a statement telling you about your pot once a year.
This will usually include the following information:
- the value of your pension pot at the start and end of the statement year
- contributions paid to your pot, from you and your employer, during the year
- details of any tax relief paid by HMRC
- the amount of any investment loss or gain in the statement year
- the value of any money you have transferred in from or out to another pension
- details of any amounts deducted from contributions, for example, for fees
- an estimate of the income you could get at your selected retirement date.
Find out more about defined contribution pensions in our guide Defined contribution pension schemes
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Annual pension statements – defined benefit schemes
If you're in a final salary or career average pension then your provider doesn’t have to automatically send you an annual statement, although many schemes do.
Instead, you have the right to ask for a statement, and you must receive it within two months of your request.
The statement must include details of:
- the date your pensionable service started
- the rate at which your benefits build up
- your pensionable salary
- any deductions
- what you will get
- if you worked to your normal retirement date, and
- if you left the scheme within a month of the date of the statement.
There might be a charge if you request a new copy of an annual statement you’ve misplaced.
Find out more about final salary and career average schemes in our guide Defined benefit schemes explained
Transfer quotes
If you want to know how much is available in your pension to move to another provider, then you’ll need to request a transfer value.
Generally, you have the right to ask for a transfer value – and transfer, if you have more than 12 months to go – to the normal retirement age in the scheme.
If you have a defined benefit scheme, you can normally request one transfer value for free every 12 months. The value will normally be guaranteed for three months. The trustees of the scheme can grant more frequent requests if they wish but they may charge you for this.
Information about the scheme
You have the right to ask for information about how your pension is run. This includes:
- the scheme’s trust deed and rules – if the scheme is run by trustees
- the policy conditions – if your scheme is a personal pension or stakeholder pension.
If your pension is a workplace pension scheme, run by trustees, you have the right to ask for a copy of the scheme’s annual report.
The report must include:
- general information – for example, how to get in touch if you have a query about the scheme or your benefits
- financial information – including a copy of the scheme’s audited accounts and the auditor’s statement
- investment information – this is usually an investment report giving details about the scheme’s investments and their performance.
The annual report might also include the statement of investment principles. If it doesn’t, you can ask for a copy.
It sets out the guidelines the trustees follow when choosing investments for the scheme.
If your pension is a defined benefit scheme, you have the right to ask for a copy of the actuarial report.
This includes information about the ability of the scheme to meet the benefits built up in the scheme. This information is also contained in the summary funding statement. Your scheme provider has to send you this automatically every year.
You also have the right to ask for a copy of:
- the schedule of contributions (defined benefit schemes), or
- the payment schedule (defined contribution schemes).
These record the contributions the employer must pay to the scheme.
