Will Budget changes complicate Key Features Illustrations?

The pensions illustrations regime has been progressively rationalised and simplified to a point where it is finally comprehensible to most policyholders. Key features illustrations (KFIs) issued on purchase of pension plans and existing annual review statements called statutory money purchase illustrations (SMPIs) have rallied around three core areas of disclosure: • Existing and final fund values (assuming levels of contributions defined) • Value of income at retirement date (i.e. annuity value); and • Projected growth rates and effect of charges on that growth. However, it ...