Guide
When a workplace pension statement needs a second look
Most workplace pension packs arrive with a projected income figure that assumes you keep contributing at the same rate until a fixed retirement age. That projection can mislead if you plan to leave early, reduce hours, or consolidate schemes after a career move.
Start with the transfer value and the charges page. Compare the annual management charge against typical stakeholder and master-trust ranges. If you hold older additional voluntary contributions alongside a newer auto-enrolment pot, ask the scheme for a combined illustration rather than reading each leaflet in isolation.
Before you request a transfer, confirm whether any guaranteed annuity rates or deferred benefits would be lost. Those guarantees rarely appear on the front page. A short conversation with an adviser who has seen your full employment history often costs less than discovering a lost guarantee after the paperwork has cleared.
If you are within ten years of finishing work, pair the statement with a rough household budget. The gap between projected income and essential spending is the figure that matters — not the headline fund value alone.