This is because our previous technology platform and our new system operate differently in the timing of when the Pension Annual Benefit Statements (PABSs) are produced. This forecast is required by the regulators and is also known as the Statutory Money Purchase Illustration (SMPI). The previous system produced them four weeks before the CRA anniversary. The new system produces them on the first Friday after the client’s head account anniversary.
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Answers in this section
- Is there a more appropriate means to compare charges than annuity purchase critical yield?
- Is annuity purchase critical yield the most appropriate measure to use with clients?
- Is there a means of producing a standalone annuity purchase critical yield calculation for crystallised sub accounts?
- Why does Old Mutual Wealth take all the charges for both crystallised and uncrystallised money from the crystallised sub account?
- Why does the annuity purchase critical yield on the last page of crystallised quotes look so high?
- Why is the reduction in yield higher/lower than expected?
- Why is the uncrystallised value at 5/10 years showing as zero?
- Why is there no uncrystallised value projected after the selected retirement age/date?
- Why is the ‘initial yearly income’ on my client’s yearly pension forecast much larger than in the previous forecast?
- Why has my client received two ‘yearly pension forecast’ statements within a few months of each other?