5.4.6 The AVC providers will produce a benefit statement for each member that includes a Statutory Money Purchase Illustration (SMPI). The SMPI gives the member the value of their AVC fund and an illustration of the projected retirement income that the fund will give them. Scottish Widows and Standard Life (whose scheme is now closed to new members) send the benefit statements to members’ home addresses. Equitable Life (whose scheme is also closed to new members) sends the benefit statements to the Scheme Administrator to mail to members.
Legal & General members are able to view their benefit statement on the ‘Manage Your Account’ section of the Legal and General website. They will be sent an email advising them when the statement is ready. Members may request a statement be sent to them by post by contacting Legal & General.