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Reading Your
Benefit Statement

Benefit Statements and the online account service are not currently available for Retired, Life Assurance only or Final Salary Scheme members. If you have any queries please contact us.

You receive a benefit statement each year which shows you how much your pension pot with Cheviot is currently worth and what level of income you might get in retirement.

Please click here to view your Benefit Statement.

Click on the arrows below to find out what information is included on your Benefit Statement.

Your Key information sheet

It shows what information we hold about you and it’s a good opportunity for you to check it and make sure it is accurate.

Your date of birth

  • Important that we have this right as we use it to calculate your State Pension Age.

Your target retirement date

  • By telling us your target retirement date, we can help make sure your investments are in the right place when you get there.
  • Make sure you keep us up to date with any changes to your plans.

Other personal details

  • Check these to make sure they are accurate. If you haven't completed an Expression of Wishes form, download one so the Trustees know what you want them to do with your fund in the event of your death.

Your current investment options

  • Check how your savings are invested. If you don't want to take investment decisions, choose the Cheviot Lifeplan and the Trustee will make the decision for you.


  • Check the contributions shown against your payslip to make sure we are getting the right amount. Contributions are invested until you retire or decide to access your pension savings.

Read the notes

Your Cheviot benefit statement

This is the really important page. It shows you how much your savings are estimated to be worth at your Normal Retirement Date and how much income you might get.

Estimated benefits at Normal Retirement Date

  • The estimated benefits are shown in today's terms so you can understand whether it is going to be enough to live on in retirement.
  • It shows a range of outcomes because we don't know how well your investments will do.
  • Deduct costs which you think you won't need in retirement (like mortgage and travel to work costs) and then you can see whether the income is enough.
  • The fund value might look like a lot of money but remember it might need to last 25 years or more.

Help, it's not enough

  • If you don't think your savings are going to be enough, consider increasing your contributions.
  • REMEMBER you will get tax relief so it doesn't cost as much as you might think.
  • Or consider retiring later or changing investment options.

Fund value

  • This shows the value of your fund at the statement date.
  • You can access your pension savings more flexibly now - click here for more information.
  • Remember most investments can go down as well as up.

Transfer value

  • You can transfer this amount to another pension if you want to.
  • The actual amount available will vary depending on market conditions when you transfer.

Read the notes

Your Statutory Money Purchase Illustration

The Statutory Money Purchase Illustration uses various assumptions which are general rather than based on the Cheviot investment options.

It is a bit more like a bank statement so you can see what contributions have been paid into your fund, whether there have been any switches in investment options and investment growth during the year.

It just shows an estimated pension at retirement not an estimated fund value. The pension is also different to the Cheviot benefit statement as it is assumed to increase with inflation.

It also only shows one figure rather than a range. The figure is still only an estimate – and your actual pension will depend on investment returns between now and when you access your savings.

What to do next and how to do it

You can make changes immediately if you have a Cheviot online account. Otherwise, click on the link and then use the email button to send us a message. Whilst you are there, request logon details so you can make changes immediately in future and view your future benefit statements. Cheviot will confirm any changes made to your account via the online system to you.

Useful links

Accessing your retirement savings
Pension Wise
Explaining the jargon


  1. Why should I read my Benefit Statement?
    Your benefit statement shows you how much your savings are estimated to be worth at your Normal Retirement Date and how much income you might get. It also shows the current value of your fund to help you plan for your retirement.
  2. Where can I find my Benefit Statement?
    This is available on the members’ online system. Click here to log in.
    Please click here and complete the form if you do not have access to your member online account.
  3. Why are Benefit Statements only available online now?
    Cheviot have gone paperless, we are now issuing communications by email and via the member online system. This reduces costs, is more secure and is better for the environment.
  4. How can I obtain a paper copy of my Benefit Statement?
    You can print a copy from the member online system.
  5. Why is the Statutory Money Purchase Illustration (SMPI) sheet different to my Cheviot statement?
    The illustration differs from your Cheviot benefit statement in some key areas:
    • It provides only one projection rather than showing a range of likely outcomes.
    • It assumes pensions in payment will increase in line with Consumer Price Inflation. The Cheviot statement assumes a pension that does not increase.
    • It assumes you will be married when you retire and that male spouses will be three years older than female spouses. Spouses or civil partner of the same gender are assumed to be the same age. The Cheviot statement does not include a spouse pension.

  6. When are the Benefit Statements issued?
    Benefit Statements are issued annually, usually in April.
  7. What information is on the Key Information Sheet?
    This sheet contains information about you and your pension. Please click here for further information.
  8. What information is on the Your Cheviot Benefit Statement Sheet?
    This sheet shows information about how much your fund may be worth and what annual income you may receive at your Normal Retirement Date. Please click here for further information.
  9. What information is on the Statutory Money Purchase Illustration (‘SMPI’) Sheet?
    Please click here for further information.
  10. Where can I find help to use the Member Online System?
    Please click here for help with the member online system.
  11. Where can I find investment performance information?
    Please click here for more investment information.

We would like to receive your feedback about our website and Benefit Statements. Your comments are very important to us. Please contact to update your details or provide feedback.

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