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Statutory money purchase illustrations are required by government regulations to be provided with all pre-retirement annual statements.
They show the pension income your client might expect to receive at their intended retirement date. SMPIs take account of the expected reduction in buying power of the fund based on inflation assumptions between the date of the illustration of the intended retirement date.
SMPIs are not provided for funds that have been crystallised, even if an annuity is not purchased. For plans that have been crystallised a Drawdown Illustration is provided.