Personal PensionDec 23 2014

Fairness for same-sex partners in actuary calculation

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The Financial Reporting Council has published a revised version of Actuarial Standard Technical Memorandum, to reflect the implementation of automatic enrolment, legislation on same-sex marriage and to enable pension providers to get to grips with the regulations.

The 14-page document, AS TM1: Statutory Money Purchase Illustrations, aims to help actuaries take account of the impact of these changes to guaranteed annuity terms.

AS TM 1 sets out the basis on which annual statutory money purchase illustrations should be determined.

More than 18m SMPIs are sent to individuals annually providing information on the potential size of their pensions.