Each year a Certificate of Pensions Credit is issued to all members detailing the full benefits they have accrued. To help understanding, key elements are explained below:
1. Certificate Number – This number is for internal use only.
2. National Insurance Number – When you contact us you must quote your National Insurance number so that we can locate your records.
3. Accrued Pension Credit – Pension credit accrued in previous years.
4. Accrued Pension Credit (a) to (g) – Pension credit accrued in previous years with bonus added to show the value as at 5th April.
5. Pension Credit (h) – Pension credit accrued in the year to 5th April.
6. Total Credit – The total pension credit accrued as at 5th April. This figure is the current value of actual annual pension payable from normal retirement date. It will continue to grow between 5 April and normal retirement date by accruing annual bonuses awarded.
7. Employers’ Contributions – Contributions made by your employer(s) in the year to 5th April.
8. Annual Allowance Used – The figure shown, which includes the value of any AVCs, is the value of benefits you have accrued this year within the Industry Pension Scheme that count towards your Annual Allowance.
You will find a full explanation of the Annual Allowance calculation in the Explanatory Notes on the reverse of your certificate shown opposite.
