Why might my statement, show lower benefits than in the previous year?

This may be for any number of reasons such as:

• Your employer may have informed us that you have changed your contract in some way and we are currently looking at making alterations to your pension record to reflect this. A new revised statement will be issued to you later in the year under these circumstances.

• Your employer may have changed their payroll provider during the year and as a result we are currently looking at collating all the information we have been sent. This process can take some time so a further statement containing full details of your pension benefits will be forwarded in due course.