Great news! Your pension benefit statement for the 2019/20 tax year is now ready and currently being posted to you.
Your statement details the pension pots you hold with Pearson in one statement to help you clearly see the total value of what you have saved for retirement to the end of the last tax year.
If anything is not clear, we’re here to support you.
This year, we have developed a page on our website to help you get the most out of your statement, including explanations of the terms used, and frequency asked questions. Simply click on the link below to find out more:
Thinking you might need more in retirement?
The Aviva Shape My Future tool is one good way of calculating what you might need in retirement. However, there are several ways to help you save more for retirement through the Pearson Pension Plan (the Plan).
If you are a member of the Auto Enrolment (AE) section, then your contributions are fixed at 5%. It might be worth switching to the Money Purchase 2003 (MP03) Section for more flexibility with your contributions and to take advantage of the double matching by Pearson. Read more here or switch now by completing the simple online form.
If you are already paying the maximum contributions for your age, another option is Additional Voluntary Contributions (AVCs). More information can be found on our website.
Since the coronavirus outbreak began, investment markets have seen a large fluctuation, so you may see on your DC benefit statement that your fund value has dropped. However, your pension pot remains an effective long-term investment for your retirement. In particular, the lifecycle options are designed to target specific retirement outcomes. You can monitor the value of your fund on the Aviva website, which you can access through our website at: www.pearson-pensions.com/login.