Workplace DB pension

[talkingcashstuff]

What kind of info should I legally receive from an old workplace pension?
Currently don’t get statements and have no idea which funds Im invested in or fees etc
There is sometimes a small booklet sent if changes are happening but thats it
Should I have a yearly statement?

I've got one - I get an annual statement, but it's online.

I would expect an annual statement of expected pension but not anything about the investments for a defined benefit scheme

Id contact the administrators and ask how the statements are distributed, check they have your up to date contact details

If it's a DB pension, whether or not it's invested in funds is irrelevant. Your pension will be based on how many years you have contributed and the scheme rules, ie X% of your salary per year.

They will probably have an online portal you should register with and the information and statements will be in there.

Used to work in pensions: for a DB scheme its unlikely you will get anything sent to you regularly ,particularly if its an older scheme where the administrator may not have automated the calculations. As a PP has said, there may be an online facility where you can run the calcs yourself but many schemes won't have this. There are no funds / investments in the way there is with a DC scheme, you should have received a £pa statement of deferred pension at leaving, and generally thats it until you retire, unless you ask for an updated deferred pension calculation, which I do every few years.

*also to add for a deferred DB pension they are not legally required to send you regular updates

A DB scheme is not a unit linked or an invested pension in the same way as a DC scheme, so you won't hear about investments.

There is no 'pension pot' that you will use at retirement, so to speak. The value or worth of the DB pension is based on your salary and how long you worked there. They are a lot more complex than a non-DB scheme. You might hear once a year from them with a calculation showing what you'll receive at retirement.

I get information from the LPFA about tjeir investment policies and am sent surveys about my investment prioroties.

As far as I am aware, there is a nominal pension pot because I can draw down 25% of its value, tax free, when I retire. I also exceeded my annual allowance a few years ago which linked to the value of the pension and a tax liability arose.

@talkingcashstuff I suggest you google your pension provider and establosh if the information you want is on-line. If not, request it to be sent to you. I haven't had info about my pension except digitally fkr years. I think hard copy statements finoshed about ten years ago.

They aren't obligated to send anything.
Most (all?) will now have an online portal giving you access to all the info you need so might be worth getting on there and self servicing. Many schemes won't actually give quotes of retirement benefits until you are within c. 5 years of the normal retirement age either, i.e. they won't do the index linking so it requires a bit of educated guesswork when you are quite a few years out.

None of that matters with a DB pension. The amount you get is a percentage of your salary for each year worked. Obviously tbere will be inflationary rises but it is pretty much set in stone what the basic amount you will get is.I imagine there will be an online portal. Is it public or private sector?

As others have said, you should have had some sort of personal statement when you left the company, but with a DB scheme I don't believe they have to give you anything else until you approach the normal retirement date - it's up to you to keep the trustees informed of any changes in contact details etc... There may well be some sort of online website that you can go on to find out some general facts and figures about how the scheme is doing, and they may get in touch in the even of things like voting on new trsutees etc....

Interesting that most people say they don't need to send statements ... My DB pension (left the company in 2007) always did annual statements until it moved to online portal. And it's always given me the projected amount taking into account index linking. It's definitely worth checking if you do have access to more info online.

Don't need to doesn't mean that they don't do it anyway, I think pps are answering the question of the legal side of things not saying that no DB pension schemes produce annual statements.

Omg sorry everyone I meant DC pension!