Annual pension statements arrive with dense tables and cautious caveats. Three figures deserve a highlighter before anything else: current pot value, total charges over the year, and the projected income illustrations at different ages.
Projected incomes assume investment growth and annuity or drawdown rates that may not match your plans. Treat them as a conversation starter, not a promise. If two statements from different schemes use different assumptions, do not compare the income lines as if they were equivalent.
Charges matter more over long horizons. A 0.5% difference looks small on a single page; compounded over twenty years it is real money. Note platform fees, fund ongoing charges, and any adviser or consultancy fees already deducted.
If you hold several pots from previous employers, list them in one notebook column with valuation dates. Transferring can simplify paperwork, but transfers from defined-benefit schemes need specialist advice and cooling-off periods. Never move a final-salary entitlement casually.
Bring marked-up statements to your first meeting. Time spent clarifying numbers early shortens every later conversation.