UK: DB pension member options – Part two: support offered at retirement
In part two of our series, following our in-depth research across 50 trustees and over 1,000 members of Defined Benefit (DB) schemes, we continue along this theme by taking a look at the support offered to DB scheme members at retirement.
- The gender divide
We started by asking members how much support they had from their DB scheme when it came to making decisions about their retirement. Overall, just under 50% of members believed they weren’t getting adequate support. This was fairly stable across the different age ranges, including members aged 55 and over.
- Partnering with IFA firms
Having asked about members’ experiences of getting support, we asked trustees what support they actually provide to members. One area of focus of our research was the prevalence of schemes partnering with Independent Financial Advisor (IFA) firms to provide advice to members at retirement.
- Other options to provide support
Whilst our research shows a majority of members and trustees see the value in partnering with an IFA, it also touched on other areas of support.
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