Rachel Vahey: DC pension illustration reform 'going from bad to worse'

One thing uniting much of the pensions industry is the generally poor regard we - and our customers - hold defined contribution (DC) pension illustrations in. There is a widespread acceptance that this is something we have to conform to, rather than a communication to be celebrated. With this low starting point, the recent consultation by the Financial Reporting Council (FRC) on how the Statutory Money Purchase Illustrations (SMPI) projected figures are calculated should have been welcome news. But the worry is that instead of tackling the issues head-on, the FRC's proposals are just ...