We’ve put together a list of commonly asked questions about SMPI rates. If there is anything else you need, you can use our contact form to get in touch.

SMPI rates are governed by Financial Reporting Council regulations, and the inflation rate assumption used in projections will remain as 2.50%.


SMPI is an illustration of what your pension may be worth when you reach your selected retirement age.

SMPI rates are based on the average five-year volatility (risk) of a fund where available. From 6 April 2024, that volatility is used to give a fund one of the standard growth rates of 2, 4, 6, or 7%.

The table below shows the level of volatility and the corresponding accumulation rate. The accumulation rate is the annual rate of return assumed to be earned from the current fund and future contributions.

Volatility Group


Accumulation Rate


Equal to or above

Less than


















Source: Aegon UK. These rates are assumptions and are not guaranteed. 

We regularly review our growth rates and will change them from time to time. These rates are effective from 6 April 2024. 

The value of an investment can fall as well as rise and isn’t guaranteed. The value of your pension pot when you come to take benefits may be less than has been paid in.

From 1 October 2023, we made changes to the SMPI. The income value in the illustration assumes that no lump sum is chosen when you start taking benefits. At retirement you can typically take a lump sum of up to 25% of your fund value as a tax-free lump sum. You can find out more about the changes here.

We don’t show a detailed projection if your monthly pension is less than £10 a month.

Looking for more help?

Our customer support has a range of topics with answers to help you, if you still require further assistance you can also find out how to get in touch.