Turn Jargon Into A Pension Statement You Understand

Your annual pension statement arrives, full of terms like crystallisation and annual allowance, and you file it away unread. This rewrites it sentence by sentence in plain English so you actually know what it says. Good for anyone who has never quite understood their own pension paperwork.

Translate the pension statement text pasted below into plain English, sentence by sentence, removing jargon like "crystallisation", "annual allowance", or "defined contribution" and replacing it with a short explanation in brackets. Do not give investment advice or predict future values. Keep the translation the same length as the original, roughly. Pension statement: {PENSION_STATEMENT}