How do I know what my pension fund is worth?

Your pension provider should send you a statement each year, providing you with the current value of your pension pot. 

Pension Basics

What figures are included and what they mean

The statement or summary should remind you of where you’re invested and may give you some information on the performance of the fund(s) over the last year. It might include details of any fund switches and fees that have been deducted.

Retirement figures

They should also give you some idea of what your savings could mean in retirement. This could be a projection or a calculation that tells you what your pot size could be when you reach your retirement age, and what this could provide you in terms of an annuity.

It’s worth remembering that these projections only estimate that presume things like fund performance and other variable factors. However, they can give you a useful snapshot of where you measure up currently against your savings goals.

Transfer value

The statement should also include a valuation of what your policy would be worth if you decided to transfer to a different provider. This figure is generally calculated by taking the current policy value, and deducting any regular charges not yet applied, and any exit fee’s or value reductions that would apply (depending on the type of funds you’re invested in and how they’re valued should you take your investment out before the set retirement date).

As a Penfold customer, you can check the value of your pot by logging into your dashboard, and in the top right-hand corner, it will show your total value. This includes your total contributions, pension transfers, any tax relief, bonus payments and your investment gains.

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