Providers not ready for pension illustration deadline

Some pension providers are unlikely to be able to cope with the huge amount of administration required from 6 April 2003, when every provider must send out Statutory Money Purchase Illustrations to pension holders. The SMPI from the Department for Work and Pensions requires all members of money purchase occupational schemes, stakeholder pension schemes and personal pension schemes receive an annual illustration of what their future pension might be as expressed in today's prices. But while no pension provider has publicly announced it is in danger of failing to meet the April ...