On 7 October 2022 the Financial Reporting Council (FRC) announced changes to how benefit projections shown in Statutory Money Purchase Illustrations (SMPIs) must be calculated.
Any pension arrangement that issues SMPIs needs to be aware of the changes to the requirements that are taking effect next October.
These changes are also being made to support with the implementation of Pensions Dashboards, so that individuals receive information based on the same types of assumptions across all Defined Contribution (DC) arrangements. This though, presents other issues.
To help you prepare for these changes, we have prepared a guide to help support you stay on top of the new requirements.
