Supporting DB members in making good retirement choices
04 May 2017
Those with Defined Benefit (DB) pensions could be sleepwalking into making the wrong decisions at retirement, either from falling victim to scams to cash in DB pensions or simply staying in a scheme when a transfer may have been better.
The numbers looking to transfer out of DB to access their benefit flexibly have soared since Freedom & Choice. Record high transfer values have made DB transfers even more attractive - both to members of final salary schemes, but also to scammers. Whether an individual decides to stay or leave their DB scheme, there are huge risks members could make poor decisions with a life-changing and life-long impact.
According to a poll conducted in our recent webinar, nearly 9 out of 10 (88%) trustees and employers of DB schemes believe they should be doing more to communicate with members about their retirement options. Doing nothing is no longer an option.
Listen to a full recording of our webinar to hear a range of perspectives on what those running DB schemes can and should do to help members make better retirement choices.
In this session you’ll hear:
- How DB schemes are dealing with Freedom & Choice and the different options available to support members from Ryan Markham, Hymans Robertson;
- The legal perspective on the risks of doing nothing from Carolyn Saunders, Pinsent Masons;
- The professional trustee perspective from Janine Wood, ITS Limited; and
- The issues and risks members face in a freedom and choice world from Jamie Barnes, LV=.