18 November 2014

New improved pension benefit statements

After a successful pilot scheme, we're pleased to announce the introduction of a new improved pension benefit statement to help members monitor the progress of their retirement savings. Reduced from an average of sixteen pages to four, the simplified statements contain all the important highlights with supporting information available online via the Manage Your Account facility.

Features of the new statement include:

  • Use of graphics and icons to aid understanding
  • Clearer messaging for members within 5 years of retirement
  • Signposting to online tools and services
  • Simplified assumptions

Going paperless...

During 2015 we'll also be introducing the option to go paperless and writing to all scheme members individually to tell them that future statements will be available online. They can still opt for paper statements if they wish.

If they haven't already done so, all they'll need to do is register on our online Manage Your Account facility and we'll notify them by email when their next statement is due. They can then access their pension information securely at a time convenient to them, taking advantage of our online tools to engage more effectively with their retirement planning.

Rosy Anand, Marketing and E-commerce Director, commented:
"We're always keen to improve our communications and help scheme members stay on top of their retirement savings whenever it suits them. We listened to feedback from customer groups and successfully launched a simplified statement for our Mastertrust customers earlier this year. We're now delighted to include contract-based schemes, giving members the choice to opt for the paperless solution too."

For more information please speak to your Legal & General relationship manager.