FRC launches reviews of how pension illustrations can better support savers throughout retirement

For pension providers, insurers, wealth managers and their compliance teams, the immediate priority is to evidence how illustration assumptions are set, governed and explained across the saver journey. Firms should map current methodologies, validate that assumptions remain reasonable and consistent, and confirm that communications clearly support retirement decision-making rather than merely meeting minimum disclosure requirements. Although this is a review launch rather than a new rule, findings could shape future supervisory expectations and actuarial standards.

Compliance and actuarial teams should prepare for potential information requests, review board oversight and documentation, and monitor FRC outputs for emerging expectations. Proactive firms can use the review to strengthen customer trust, improve retirement outcomes and differentiate through clearer, better-governed illustrations.