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  Your Certificate Explained

Each year a Certificate of Pensions Credit is issued to all members detailing the full benefits they have accrued. To help understanding, key elements are explained below:

1. Certificate number
This number is for internal use only

2. National Insurance number
When you contact us you must quote your National Insurance number so that we can locate your records.

3. Accrued pension credit
in previous years
Pension credit accrued in previous years (to 2013/14).

4. Accrued pension credit (a) to (g)
Pension credit accrued in previous years with 2013/14 bonus added to show the value as at 5 April 2014.

5. Pension credit (h)
Pension credit accrued in the year to 5 April 2014.

6. Total credit
The total pension credit accrued as at 5 April 2014. This figure is the current value of actual annual pension payable from normal retirement date. It will continue to grow between 5 April 2014 and normal retirement date by accruing annual bonuses awarded.

7. Employers' contributions
Contributions made by your employer(s) in the year to 5 April 2014.

8. Annual Allowance used
The figure shown, which includes the value of any AVCs, is the value of benefits you have accrued this year within the Industry Pension Scheme that count towards your Annual Allowance.

You will find a full explanation of the Annual Allowance calculation in the Explanatory Notes on the reverse of your certificate shown opposite.
  cerificate example

certificate reverse

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