Annual benefit statement

Use your annual statement to track your savings, plan ahead, and make informed decisions about your retirement.

Each year, if you’re in the Defined Contribution (DC) section of the Scheme, you’ll receive an annual benefit statement. You can use your statement to check your savings and how much pension you might expect to receive when you retire, and use it as an opportunity to make sure all your personal details are correct. It’s a really useful document to help you plan for your future.

Fund performance and assumptions

Keep in mind that the pension figures in your statement are for illustration purposes only and aren’t guaranteed. Your investments can go up as well as down, and how investments have performed in the past is no guarantee of how they’ll perform in the future.

We also use a range of assumptions to calculate your estimated pension, and what we’ve assumed may not be what actually happens.

The projections shown on your 2025 DC benefit statement were calculated using the following financial assumptions:

  Projected pension
Salary growth 2.5% per annum
Retail Price Index
(inflation) 		2.5% per annum

Your projections are shown in today’s prices. This means we’ve allowed for future inflation to give you an indication of the buying power of your pension as if it were payable today.

You should note that assumptions have been made about the nature of investments and their likely performance and that this may differ from their actual performance.

The following investment return assumptions have also been used (inclusive of any fund management charges). 

Assumed fund performance* Investment Assumption
(net)
Aegon BlackRock 30/70 Currency Hedged Global Equity Index Fund
7%
Aegon BlackRock Cash Fund
2%
Aegon BlackRock Over 15 Years Corporate Bond Index Fund
7%
Aegon BlackRock Over 15 Years Gilt Index Fund
7%
Aegon BlackRock Over 5 Year Index-Linked Gilt Index Fund
7%
Aegon BlackRock UK Equity Index Fund
7%
Aegon BlackRock World ESG Equity Tracker Fund
6% 
Aegon HSBC Islamic Global Equity Index Fund
6%
Aegon BlackRock Market Advantage
 4%
Aegon LGIM Diversified Fund 
 6%
Aegon LGIM Future World Annuity Aware Fund
6%

We’ve changed the way we calculate the amount you may receive as an annual pension. You may see a significant difference when comparing this figure to the one shown in previous benefit statements because of these changes.

The annual pension you could receive is now based on the assumption that you’ll use your savings to purchase an annuity that:

  • Has a five-year guarantee
  • Issues level payments to you that don’t increase over time
  • Provides for you solely
  • Doesn’t take your gender into consideration

This has been changed in line with new legislation for pension illustrations. Previously we’ve calculated the annual pension you could receive on the basis of you purchasing an annuity that would: 

  • Have a five-year guarantee
  • Issue payments that increase annually in line with the Retail Price Index (RPI) to a maximum of 5%
  • Provide a pension for your spouse of 50% of your pension in the event of your death
  • Take your gender into consideration

*As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice.

What to know about tax and limits

Your statement shows how much has been paid into your pension over the year. You might need this information if:

  • You want to fill out a Self-Assessment tax return, or
  • You want to check whether you’ve gone over the yearly tax-free limit for pension savings

This limit is called the Annual Allowance (AA). The AA is the maximum amount that can be paid into your pension each year before tax charges might apply. For most people it’s £60,000 per year. This includes all contributions made by you, your employer, and any other pensions you pay into.

Most people stay well below this limit. But if your total contributions go over, you might need to pay tax on the extra amount. This isn’t always the case, as in some situations you can use unused allowance from the previous three tax years to offset the excess.

If a colleague earns (or expects to earn) more than £200,000 in a tax year, they might be affected by the Tapered Annual Allowance. If a colleague thinks they may be affected by this, they should reach out to the Reward Team at the earliest opportunity.

If you’ve already started taking money from a Defined Contribution pension, a lower limit called the Money Purchase Annual Allowance (MPAA) may apply. In 2025 this is £10,000 per year. It only applies if you’ve taken money beyond your tax-free lump sum.

If you’re unsure whether these limits apply to you, or you’re worried about going over them, don’t panic. There are often options available but it’s best to speak to a financial adviser. You can find a financial adviser through MoneyHelper. Make sure any adviser you speak to is registered with the Financial Conduct Authority. This means they’re properly regulated and qualified to give advice. You can also contact Capita for general guidance by going to ‘Contact Us’ when logged into the secure online portal or by calling 0345 122 2032.

Read more about pension tax limits on MoneyHelper.

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