Amid all the noise around Covid-19, an important development is brewing in the pensions industry. On June 8, the Financial Sector Conduct Authority (FSCA) published the draft Conduct Standard and supporting documents for public comment.

It is to do with how benefit projections are communicated to members of pension funds. And for some it has raised the spectre of a situation in the 80s when there was what was called the Benefits Illustration Agreement.

Michael Avery speaks to Olano Makhubela, the divisional executive of retirement funds at the FSCA; Andrew Davison, head of advice at Old Mutual Corporate Consultants; and Dave Crawford, founder of Planning Retirement, about what’s on the table now and whether this time is different.

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