Most pension providers issue one pension statement a year to members of their schemes. Your statement should show you how much is in your pension pot and an estimate of how much money you might receive when you retire.

It should also show any special guarantees that your pension has, as well as its transfer value – the amount you would get if you changed provider or cashed in your whole pot. You can also get a state pension statement from the government, online at gov.uk that shows how much you will receive from the state when you reach state pension age.

Statements can often be complicated, and the Financial Conduct Authority is working to standard these statements down to a maximum of two pages. You should have a transfer value, should you wish to transfer your monies away from the scheme, and details of any exit fees. What you won't see on your statement is typically any charges that are made on your fund. You may need to contact your provider to find these out. It's really important that you update your pension provider with any change of address so they can continue to send you valuable updates about your pension.