Your annual benefit statement for 2023 is now available to view.

It’s really important that you review your pension savings regularly so you can check how much you have saved so far and how much your pension might be worth in the future.

Throughout the Scheme year to 31 March 2023, we saw significant volatility in investment markets driven by the invasion of Ukraine, political change in the UK and the increasing cost of living. This has had a negative impact on the investment performance of many funds used by DC Scheme members, including ours.

As a result of the significant market movements that we saw, while your fund value may be lower than it was last year, some of the assumptions used to produce the projections shown in your benefits statement have increased; investments in many asset classes have fallen significantly in value, which gives them greater scope for the future growth that is reflected in the higher future return assumptions. In addition, rises in interest rates have resulted in higher expected returns on cash and bonds and also increases in the amount of annuity income the projections show can be purchased with your pension savings at retirement.

We note that these assumptions will be subject to change in next year’s benefit statements, when the approach we are required to follow in setting the investment returns assumptions used will be significantly different.

Regardless of these fluctuations in the projected value of your pension at retirement, please remember that pensions are a long-term investment and markets will move up and down throughout your investment journey. When reviewing your investment choices, members are encouraged to have a longer-term outlook in relation to their pension saving investments and not to focus too heavily on short term market movements.

If you have any questions about your statement, you can contact our administration team via wmhillpensions@capita.co.uk or by calling 0114 276 2980. Make sure you quote your National Insurance number in any correspondence.