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Kingfisher Pension Scheme Your benefit statement explained
Your Benefit Statement As a member of the Kingfisher Pension Scheme, the Trustee will write to you each year with details of your benefits. If you have not received a statement please contact Kingfisher Group Pensions.
What to expect From 2013 your Benefit Statement will be issued in the autumn each year Your Benefit Statement will include:- • A summary of your personal details • Your statement at a glance • If applicable, details of your Final Salary (KPS-FS) deferred benefits including Additional Voluntary Contributions (AVCs) • If applicable, details of your Money Purchase (KPS-MP) benefits including contribution rates, investment choice, value and performance • Confirmation of the benefits due in the event of your death • Estimates of your retirement benefits
Further information You will be asked to select your section From here you will be able to access:- • A sample statement providing a detailed and easy to understand explanation of the content You can also access:- • An actions table providing quick links to further information, tools and forms Please see www.kingfisherpensions.com/mybenefitstatement
Why is your benefit statement important? • Your benefit statement is the annual summary of yourKingfisher Pension Scheme benefits • It includes information about death benefits to assist your dependants in the event of your death. Pleaseremember to review and maintain your Beneficiary Form • It’s important to keep track of all your pension arrangements and retirement saving to help you plan effectively for your future and keep informed about your benefit entitlements • It’s important to review your benefits regularly
Planning ahead Your Benefit Statement is just one part of planning ahead. Ask yourself • What will I need to live on when I stop working? • What net income will I receive after I stop working? • When do I want to stop working?
What should I do? As an active member of the KPS-MP you should:- • Review your contributions • Review your investments and Selected Retirement Age • Review your estimated benefits Ask yourself • Will I have enough income? • What other retirement savings do I have? • Do I need to take steps to increase my retirement saving? The KPS-FS is now closed, but you may be able to boost your retirement saving through your other pension arrangements, savings or if you are still employed by the Company through the KPS-MP.
What should I do? As a deferred KPS member you should look at your estimated retirement benefits. Ask yourself • Will I have enough? • What other retirement savings do I have? • Do I need to take steps through my current employment to increase my retirement savings?
Online access for KPSMP members You can access to your KPS-MP Retirement Account online. • You can: • Review the contributions paid in by you and the Company • Review the value of your Retirement Account • Review your investment options • Review the performance of your funds • Use the Pension Planner and modelling tools
Pension Planner You can: • Review your current projections • Consider your options: • what effect an increase or decrease in contributions could mean • what effect a change in investment could mean • Include other pensions and retirement savings to gain a better idea of your estimated retirement income.
Other actions Should you wish to change or make any amendments such as your contributions rates, investments strategy or beneficiary form please visit: www.kingfisherpensions.com/mybenefitstatement Here you will find further information to help you make those changes.