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Statutory Money Purchase Illustrations

Volume 402: debated on Thursday 3 April 2003

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The Occupational and Personal Pension Schemes (Disclosure of Information) Amendment Regulations 2002 that were laid before Parliament on Monday 20 May 2002 come into force on 6th April 2003. The regulations require pension providers to give members of money purchase occupational schemes, stakeholder pension schemes and personal pension schemes an annual illustration of what their future pension might be.

The illustration will give people a meaningful idea of what their future pension might be in today's prices. It will give them a realistic idea of the spending power of their pension, and help them to plan their savings more effectively.

This is an important part of the Government's drive to encourage people to think about their pension provision and plan for their retirement.