2019/20 was the first year that the Fund issued annual pension statements for both our active and deferred members through our online Member Self Service (MSS) portal – My Pension.
Moving pension statements online allows our members to have access to all their NESPF pension documentation in one location via My Pension. This offers members the opportunity to utilise other My Pension functions, including performing pension calculations and viewing their personal details at the same time as checking their annual statement, providing them with further control of their pension.
Providing statements online has provided several other advantages including:
- Segmentation: by taking the development process in-house, the Fund now has additional scope to produce multiple pension statements. This has meant statements can be tailored based on type of service, so members will only receive information relevant to themselves.
- Cost savings: Moving statements online has incurred significant cost savings in terms of production and postage, with costs reducing by 40% in comparison to traditional paper statements These savings will continue to increase as more members register for the system.
- Environmental Impact: Issuing statements online saves over 140,000 sheets of A4 each year. This saving will increase as the Funds replace letters with email notifications to alert members of future statements.
As at 31 March 2020, 44.6% of active members and 41.2% of deferred members were registered for MSS. August 2020 saw My Pension users reach an impressive total of 35,000 with over 5,000 calculations performed. The NESPF will continue to promote and develop this and encourage members to further engage with their pension through our online services, however paper copies of our statements are still available for those who require them.
If you are a NESPF member and accessed your benefit statement through MSS please share your feedback here.