Annual Benefit Statements 2017
The Annual Benefit Statements are usually issued with the yearly/annual Bulletin, but for 2017 they took longer to produce than we would wish and the statements were issued separately in two groups:
- To members with defined benefits under the final salary structures who do not have Additional Voluntary Contributions (AVCs) and/or Shift Pay Pension Plan (SPPP) benefits (issued to members’ home addresses on 15 March 2018)
- To members with defined contribution pots under the New Joiner Structure and members with defined benefits under final salary structures who also have AVCs and/or SPPP benefits (issued to members’ home addresses on 16, 17 or 18 May 2018).
The reason for the delay was due to an update to the Statutory Money Purchase Illustration (or SMPI). The Trustee has updated the SMPI assumptions used this year to reflect the latest requirements set out by the Financial Reporting Council. These SMPI assumptions are not likely to change in successive years’, however, the Trustee will review the assumptions periodically to ensure they remain fit for purpose.
Whilst the delay in the issue of the statements was unfortunate, we can confirm that the values of the members’ funds were not impacted in any way and future statements are not expected to be delayed again by the same issue. Any retirement or leaver quotes are not impacted by this delay and have been, or will be, produced in the normal way.
As there has been a change in the basis of the Statutory Money Purchase Illustrations contained in the second group of statements some explanatory Q&As have been produced.
We apologise for the inconvenience caused.
CNPP Secretariat