Your Annual Pension Statement for the year ending 31 March 2024 is ready! We've sent you an email to let you know that your statement is ready to view on your EAPF Online account.
If you’ve opted for a paper statement, these will be also sent out to members’ home address by 31 August.
Your statement will show the pension benefits that you’ve built up in the EAPF up to 31 March 2024 and a forward projection to your normal pension age (NPA). It also reminds you about whether you’ve nominated beneficiaries and how your benefits compare against pension tax limits.
Changes to your pension statement this year
Why is my estimated pension at Normal Pension Age (NPA) or Death in Service Lump Sum is lower than last year? Following an audit in December 2023, we received feedback that we were potentially over estimating members’ Death in Service Lump Sums and projected pensions to their normal pension age. This was because, in previous years, we’ve used the actual pay you’ve received during the year, less any non-contractual payments you might’ve received, to calculate both your Death in Service Lump sum and any future pension between the date of the statement and your normal pension age.
As a result of the audit feedback, we have, for this year, used your actual rate of pay at 01/04/2024 to calculate both your Death in Service Lump Sum and any future pension between 01/04/2024 and your normal pension age to reduce the risk of you being overquoted. This calculation will be used for all future annual pension statements. Finally, please be aware that your actual pension at your normal pension age, and the actual Death in Service Lump Sum (if applicable), will be calculated using the exact figures provided by your payroll provider when payment is due.
We’ve added a new McCloud section on page 5 of your statement. This indicates whether or not you’re eligible for the ‘McCloud Underpin’, which may result in you receiving a small increase to your pension on retirement (see note 17 of your statement for more details). For more details about McCloud and what this means, see our McCloud story within this newsletter.
If you haven’t registered on to the EAPF Online portal, you’ll need to in order to see your statements. Don’t forget that when you’re online, you can also use the retirement illustrator, where you can model different retirement dates.
To access your statement, simply click on your ‘Mailbox’ when logged into the portal and then click on the link shown under the ‘Attachments’ column to open your annual pension statement.
See our 'Your pension online' page for details on how to register if you haven’t already.
Read our ‘Your pension statement explained’ guide for any help you might need in understanding your statement.
Log into EAPF Online to view your latest annual pension statement.