The Financial Reporting Council (FRC) has revised regulation around Statutory Money Purchase Illustration (SMPI) regulations to let providers use their discretion on assumptions relating to auto-enrolment increases and guaranteed annuity rates.
SMPIs must be provided to defined contribution members, to show their projected pension. More than 18m are issued each year. The revised actuarial standard, AS TM1, was published on 16 December ...
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