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Reading Your
Benefit Statement

You receive a benefit statement each year which shows you how much your pension pot with Cheviot is currently worth and what level of income you might get in retirement.

It’s all in plain English and less difficult to read than you might expect. Take a brave pill and get started.

To view your benefit statement via the member online system, please click here.

We are looking to phase out paper statements. If you got yours by post, please go to the member online system and click on the ‘request login details’ link to get online with Cheviot. This facility will let you manage your details and help you view and print your statement next year.

Your Key information sheet

It shows what information we hold about you and it’s a good opportunity for you to check it and make sure it is accurate.

Your date of birth

  • Important that we have this right as we use it to calculate your State Pension Age.

Your target retirement date

  • By telling us your target retirement date, we can help make sure your investments are in the right place when you get there.
  • Make sure you keep us up to date with any changes to your plans.

Other personal details

  • Check these to make sure they are accurate. If you haven't completed an Expression of Wishes form, download one so the Trustees know what you want them to do with your fund in the event of your death.

Your current investment options

  • Check how your savings are invested. If you don't want to take investment decisions, choose the Cheviot Lifeplan and the Trustee will make the decision for you.


  • Check the contributions shown against your payslip to make sure we are getting the right amount. Contributions are invested until you retire or decide to access your pension savings.

Read the notes

Your Cheviot benefit statement

This is the really important page. It shows you how much your savings are estimated to be worth at your Normal Retirement Date and how much income you might get.

Estimated benefits at Normal Retirement Date

  • The estimated benefits are shown in today's terms so you can understand whether it is going to be enough to live on in retirement.
  • It shows a range of outcomes because we don't know how well your investments will do.
  • Deduct costs which you think you won't need in retirement (like mortgage and travel to work costs) and then you can see whether the income is enough.
  • The fund value might look like a lot of money but remember it might need to last 25 years or more.

Help, it's not enough

  • If you don't think your savings are going to be enough, consider increasing your contributions.
  • REMEMBER you will get tax relief so it doesn't cost as much as you might think.
  • Or consider retiring later or changing investment options.

Fund value

  • This shows the value of your fund at the statement date.
  • You can access your pension savings more flexibly now - click here for more information.
  • Remember most investments can go down as well as up.

Transfer value

  • You can transfer this amount to another pension if you want to.
  • The actual amount available will vary depending on market conditions when you transfer.

Read the notes

Your Statutory Money Purchase Illustration

The Statutory Money Purchase Illustration uses various assumptions which are general rather than based on the Cheviot investment options.

It is a bit more like a bank statement so you can see what contributions have been paid into your fund, whether there have been any switches in investment options and investment growth during the year.

It just shows an estimated pension at retirement not an estimated fund value. The pension is also different to the Cheviot benefit statement as it is assumed to increase with inflation.

It also only shows one figure rather than a range. The figure is still only an estimate – and your actual pension will depend on investment returns between now and when you access your savings.

What to do next and how to do it

You can make changes immediately if you have a Cheviot online account. Otherwise, click on the link and then use the email button to send us a message. Whilst you are there, request logon details so you can make changes immediately in future and view your future benefit statements. Cheviot will confirm any changes made to your account via the online system to you.

Useful links

Cost calculator
Compare your options
Accessing your retirement savings
Pension Wise
Explaining the jargon

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