New look pension benefit statements.

We’ve re-designed our pension statements to present members with a clear and easy to understand document.

The magazine style statement is based on our bond statement format that received very positive customer feedback.

The new pension statement uses digital print technology to tailor messages for each customer dependent upon their product type and fund holding. As well as providing an update on fund values and estimated benefits at retirement, we’ve included more information to help customers better understand their pension.

The new statement includes:

• Details of our lifestyle profiles to those customers who have chosen this investment option – this enables us to switch off lifestyle related switch statements in the near future
• Answers to frequently asked questions tailored to the product the customer holds
• Combined statements for customers with a Protected Rights fund in an easy to read layout – this reduces unnecessary repetition of wording.
• Summarised unit transaction section making it clearer what’s happened since the last annual statement – a full unit statement is still available on request.

We’ll be enclosing a questionnaire with a selection of our statements so we can continue our commitment to listen to customer feedback and make improvements that are valued by our customers.

The new statements will start to go out to members from early November.