Annual benefit statement

Annual Benefit Statement Guide 2026

Welcome to the video guide on your annual benefit statement from East Riding Pension Fund. This video is designed to give you a brief overview of the information held within your statement, help you understand what it all means, and where to go if you need further information.

Your annual benefit statement is issued each year by the end of August, and includes information collected from employers up to the 31st of March of that year.

If you have multiple pension records under East Riding Pension Fund, which typically results from separate employments, you will receive a separate statement for each.

Okay. So, we're looking here at the first page of your annual benefit statement. And on this page, we do have some personal details that Easter pension fund hold for you. It's important that you do check these personal details. So, for instance, the address here at the top, please make sure that's accurate. Even if you're using our member self-service website, um it's important that we do have all your accurate personal details. We've also got your name and date of birth here. So, if there is any inaccuracies there, we do advise that you go to your employer to make sure they've got the correct details and can update us.

So, some of the other information we're looking at here, we've got the date joined LGPS. Now that will be the earliest date that we hold on this particular pension record for you. So it may not be the earliest date that you join the LGPS as a whole but it will be the earliest date from this record. The date joined LGPS with the current employer may be different because there may have been a change to the employer or a change to the name of your employer on that particular record. You can see the current name of your employer here and your job title and payroll number.

Here you will see either your job title, your payroll number or both. So it should help you identify which employment this relates to. The section of the scheme here um just tells you if we hold you paying into the main section or the 50/50 section of the scheme as of the 31st of March and the date you reach your normal pension age here is your state pension age. So most importantly on this page we're looking at um the total pension figures. Now these are the current value of the of your pension and lump sum.

So your annual pension as at the 31st of March 2026. This is an annual pension figure. Um and that is a pension that is payable for life yearly for life. Now it's based on everything you've earned up until the 31st of March. So that will be your care pension uh that you've earned since 1st of April 2014. Um if relevant it will include your final salary pension that you earned before that date. Um and as well this this figure does include if you're eligible for the Mloud remedy um and an underpin calculation is payable. Then this will be topped up by any uh Mloud impact your automatic lump sum here. You'll only see a figure here if you have benefits in the LGPS prior to the 1st of April 2008. So the automatic lumpsum was removed from that date. Um it doesn't mean that when you get to retire you won't be able to convert some pension to a lump sum because that's going to be one of your options. Um but there's no automatic lumpsum after 2008.

Okay. Okay, so on this page, we're looking at a breakdown of your pension benefits between what you've earned in the care section of the pension scheme and potentially what you've earned in the final salary section.

So firstly, we've got the figures at the top here. These pay figures have been provided by your employer. So this is showing what you earn if you were in the main section of the scheme paying the normal contribution rate. Whereas if you were paying half the contribution rate in the 50/50 section, you'd be seeing your pay here. So this is the pay figure that your employer has told us you earned from the from the period 1st of April 2025 to the 31st of March 2026.

Now the acral rate is 149th in the main section. So this pay figure has been divided by 49 to get this pay figure here. The the amount of pension that you've built up in the last year. This is added to what you already had in your care account plus some revaluation and you see in the total figure here.

Okay. If there's anything in the 50/50 section, this figure would have been divided by 98 to get your pension.

So this figure here is provided by your employer as your full-time equivalent pay. Okay. So as of the 31st of March 2026, your employer is telling us this is your full-time salary to calculate any final salary pension. Now your final salary pension is not actually calculated until you leave employment.

So it's based on what you earn in your last 365 days, but we do use this figure to give you an estimate based on your current pay.

So this pay figure has been multiplied against some membership. So the calculation is a bit more complicated for the final salary pension. It's calculated against the membership and then it's multiplied by an acrruel rate.

So where it says 180th membership, uh the acrruel rate was 180th and that is pension that was built up to the 1st of or the 31st of March 2008.

The 160th membership is what you've built up from 1st of April 2008 to the 31st of March 2014.

This is showing years and days. So the membership that we hold for you pre208 and post 2008. Now if you were working part-time for any of that period, this has been prorated. Okay? So we use prorated membership but full-time pay.

And here is what we've calculated calculated for you. Final salary pension again estimated is this figure here. and automatic lumpsum. We're only seeing a figure if we've got pre 1st of April 2008 benefits.

At the bottom here, it's a bit of an explanation on the Mloud remedy and whether you are eligible or not on this particular pension record. So a Y means yes to being eligible for the Mloud remedy. What this means is it has been considered for these estimated figures.

So if you are seeing that this final salary pension plus this care pension doesn't add up to what's on that first page and that uh current total pension is higher then you're eligible for the Mloud remedy and we've actually seen that based on the current data you do have an underpin that may be payable.

If you were seeing a Y and the figures do add up then we've checked you are eligible for Mloud. We've run the calculation, but it seems that your care pension is still better. If you're seeing an N here, that means that we haven't run an underpin calculation for you for this particular record, and we're saying you are not eligible for the Mloud remedy.

So, this next page is showing you a projection of your pension benefits at the top. So this is making an assumption that you will continue working your current hours, continue earning the pay that you earn and it doesn't take into account any potential inflation. What it's saying is if you continue working on the current pay current until your state pension age, then this is what we have projected as your annual pension.

This is what we've projected as your lump sum, which you will see is the same lump sum as the previous page because you're not building up an automatic lump sum going forward and no inflation has been applied.

This green section is the death in service benefits. So we've got a death in service lumpsum here. So this is an active death grant uh that would be payable if you were to die in service.

So this will be uh based on three times your annual pay.

These nominations here are what we hold for you on this particular pension record. So we'll give you the name and the percentage. So this will have been nominated by yourself either through a nomination form or through member selfservice. And this is the latest data that we hold for you. So if you do want to update these nominations, please do so. I would recommend if you're not already signed up to member selfservice, I would do so um to be able to update your own details. So the website for that is member.pf.org.uk

member.pf.org.uk UK and there will be a link to register on there and you can sign up for self-service and update your own details on there like your personal details and these nominations.

Now the nominations you see in here there will only be up to four listed on your statement but you may have more than four nominations on your record. So if you believe there should be more um it's only because the statement can only hold the four lines.

At the bottom here, we do have a surviving partners' pension.

So, this is an annual survivor's pension. So, this is based on care pension and final salary pension that you've built up. If you were to um die and your spouse was to survive you. Uh so that's your um your wife, husband, civil partner or a cohabiting partner.

in certain circumstances they would receive this annual pension and this is projected to normal pension age. So it's calculated on again on the assumption that you continued working up to your state pension age and then this would be the survivor's pension payable.

So this last page is showing you our contact details at East Riding Pension Fund. So we can see how you can contact us by phone, by email, and our website erpf.org.uk.

But as well, it does say here about contacting your employer. So if you do believe any of your membership details or personal details, anything on this statement is incorrect, uh we please do ask that you contact your employer directly. If there are any details that need to be updated, it is your employer that's responsible for providing the corrected information to us.

What I'd also notice is at the bottom here, we do have an understanding your annual benefit statement guide. So, a written guide going into more depth on the information held on this statement along with this video. Please do use that guide for further information. You can find that on our website, erpf.org.uk.

UK. It's in the active members section and the section titled annual benefit statement.