The information on this page is designed to help you understand your illustration document. Your illustration gives you an idea of what you might get back from your plan when you take your pension benefits.

Where we refer to an inflation rate in the information shown below, the inflation rate assumption used in projections for illustrations which are governed by Financial Conduct Authority (FCA) regulations will be 2.00% instead of 2.50%.

However, for statutory money purchase illustrations which are governed by Financial Reporting Council regulations, the inflation rate assumption used in projections will remain as 2.50%.

• We aim to give you an idea of what you might expect to receive at the illustrative annuity purchase date (the date you will buy a lifetime annuity with all of your remaining pension fund) if our assumptions about future investment returns are correct. The figures on this page and on your illustration are only an example and are not guaranteed. You could get back less than you originally invested.
• Your benefits are dependent upon a number of factors. Although not a complete list, these factors include: future contribution levels, the age at which you start to take your benefits, and external influences such as investment returns, inflation, interest rates, annuity rates and charges.
• On your illustration, the figures relate to your stated retirement date and contributions you make. This includes any transfer value you told us about.
• Where you have selected to boost your pension contributions, through escalation, these will increase in line with the Retail Price Index (RPI). If you haven’t selected an escalation rate we have assumed your contributions will remain level.
• The information provided is based on our understanding of current tax and pension legislation, which may change in the future. The amount of tax relief you get depends on your financial circumstances.
• The results on your illustration show, in today’s money, the pension that might be payable when you retire. We have assumed an inflation rate of 2.00% a year. This gives you an indication of how much you would be able to buy with your pension if it were payable today.
• We make the following assumptions on your illustration:
  • You’ll purchase an annuity which is paid monthly in advance with a five-year minimum payment period. This will be paid for the rest of your life and will stay at the same level once payment starts.
  • No annuity will be paid to your dependant in the event of your death.
  • You are eligible for tax relief on all your contributions.
• On your illustration, we will make no allowance for any state pension you may receive.

The following growth rates are assumed for each of the Retiready funds:

*Retiready Stability is not available to ISA investors. 

Please be aware: the figures in the table above are for illustration only. The mid growth rates above are capped at 5.00% in line with current regulatory guidance. These figures make no allowance for inflation or charges, unlike those on your illustration which will show the effects of these.

The value of an investment can fall as well as rise and is not guaranteed. Investors could get back less than they invested.

• On your illustration, we calculate and apply specific charges using the table below, based on the information you’ve given us. Where charges are expressed as a percentage, the amount will vary as your plan value changes over time. Service charges are deducted monthly. The service charge is based on the total value of your investments excluding any cash you hold. 

* Included in the unit price. The actual charge will be shown on your illustration, which includes any applicable discounts. This is on top of your other Retiready charges. It includes expenses of up to 0.03% which can vary depending on the day-to-day running costs of the fund, so what you pay could be slightly different.