One in three pension scheme members are saving more money after receiving the new-style pension statrment explaining exactly how much their pot is worth in today's prices, the FSA says.
In April 2003, the Department for Work and Pensions launched the Statutory Money Purchase Illustrations (SMPI) regulations, which requires scheme members must be given an annual statement of what their future pension may be worth, after taking into account the effects of inflation. According to latest FSA consumer research (No.30), the launch of SMPIs has probed 37% of scheme members to increase the amount of money they save for their old age. Some 62% also say they are planning to increase the amount they are saving for retirement in the near future, the FSA also says. However, th...
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