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.
How we can help
The deadline for pension schemes to be dashboard ready is getting closer. LCP can help trustees or scheme managers get pensions dashboard ready.
We provide individual and high quality actuarial advice, taking a collaborative approach between trustees, employer and advisers, to ensure a focus on good member outcomes.
We help trustees achieve their strategic goals, with solution-led, appropriate advice.
We help pension scheme trustees and sponsors to determine the ultimate destination for their scheme and help them put together a plan to get there, including how to effectively manage the risks they face along the way.
We provide a bespoke, high quality pensions administration service.