Pension statements explained: what your provider must tell you

A pension statement shows you how much your pension is worth, how its value has changed over time and an estimate of the retirement income it might pay you.

You can use this information to see if you’re on track for a comfortable retirement – or if you need to consider saving more.  

The exact information on your pension statement depends on the type of pension you have. You can use our tool to find out your pension type or ask your provider. 

If you have a defined contribution pension, your statement will usually show you:

• the current value of your pension, including any investment growth or loss

• how much has been paid in, including any tax relief

• if any money has been transferred to or from other pension schemes 

• the fees you’ve paid

• how much retirement income you’re currently on track to get.

If you have a defined benefit pension (often called a career average or final salary scheme), your statement should show you:

• how long you’ve been a member
• how your pension benefits are calculated and on what part of your salary
• if any money has been paid out, including transfers to other schemes 
• how much guaranteed retirement income you’ll get if you:
  • continued working for your employer until the scheme’s normal retirement date
  • left the scheme in the next month. 

To see your latest pension statement, you can usually:

• log in to your provider’s online account or use their mobile app

• ask your provider to post one to you.

If you have a defined contribution pension, your provider must also send you a statement at least once a year. Defined benefit pension providers often do too, but don’t have to.  

You can check your State Pension forecastOpens in a new window on GOV.UK to see:

• how much you’re on track to get

• the age you can claim it

• if there are ways to boost the amount you’ll get. 

The State Pension is a weekly amount you can claim from the government, even if you have other pensions. The amount you get depends on your National Insurance (NI) record. 

For more information, see our guide State Pension: how it works.

Checking your pension statement regularly can help you fix any problems early. You’ll also see if you’re likely to have enough money for a comfortable retirement, or if you need to change your savings. 

Here’s what to check for.

If you’re still paying into your pension, make sure your statement:

• shows these amounts

• has no gaps or missing payments. 

If you have an employer, check any contributions they make are listed too. You can use our Workplace pension contribution calculator to estimate how much you both pay in. 

You can also ask your provider what contributions your employer must pay. This is called a:

• payment schedule for defined contribution pensions, or

• schedule of contributions for defined benefit pensions.

For more help, see our guides:  

• Help if your employer fails to pay into your pension

• How to complain about a problem with your pension

You can use our Pension calculator to see an estimate of the income you could get from all your pension schemes, including the State Pension. It also gives you a rough idea of how much retirement income you might need, if you’re on track to achieve this and the result of changing your contributions.

If you have a defined contribution pension, the value of your pension can still rise or fall until you take the money – as it’s based on how well your invested money performs. 

If you have a defined benefit pension, you’ll typically have a set contribution amount based on your salary. To pay in more than this, you'll need to check if your scheme lets you build up extra benefits.

If it doesn't, you'll need to set up your own defined contribution pension for any additional savings.

You won’t pay any charges if you have a defined benefit pension, but you’ll usually pay fees to cover the costs of investing if you have a defined contribution pension. This often includes:

• an annual management charge

• fees to change investment funds

• a fee to transfer to a different provider.  

If you’re not sure what you’re paying for, ask your pension provider to explain. Charges vary between providers, so it’s also worth checking if you’d be better off moving your pension to a new provider.

For more information, see our guide Pension scheme fees and charges explained. 

Double check your pension provider has your correct details, including your name and contact information. Remember to update them if anything changes.

You might miss out on money you’re entitled to if your provider has incorrect details, as they cannot ask how you’d like your pension paid.

For help tracing all your pensions, see our step-by-step guide How to find old or lost pensions. 

If you’re considering moving your pension to a different provider, you can request a transfer value. This tells you how much is available in your pension to transfer.

You can usually ask for a transfer value up to a year before your scheme is designed to pay out, called your normal pension age. 

If you have a defined benefit scheme, your transfer value will usually be guaranteed for three months. Providers might charge for a transfer value, but normally only if you ask for more than one each year. 

Your pension statement will show you how your pension is performing, but it won’t usually explain all the details about how your pension is run. 

To understand how pension schemes work in general, see our guide What is a pension and how does it work?

You can also ask your pension provider for a copy of the:  

• scheme trust deed and rules, if your pension is run by trustees  

• policy conditions, if you have a personal or stakeholder pension

• annual report, if you have a workplace pension run by trustees.

This information should explain how investments are chosen. An annual report will also show how the scheme is performing financially.

If you have a defined benefit pension, you can ask for a copy of your scheme’s actuarial report. This explains how well the scheme is funded to pay all its members.