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Survey Report

At retirement: How to support members with their “at retirement” choices

Pension Board and Trustee Consulting|Pensions Corporate Consulting|Retirement
N/A

August 31, 2019

Chapter five of the FTSE 350 DC Pension Survey 2019.

The majority of schemes offer some support to members approaching retirement – this is through a combination of a bundled provider’s own proposition and the appointment of a third-party service.

At-retirement drawdown options can only be fully optimised by wrapping around a comprehensive support service. An integrated approach to pre and post retirement guidance and advice, like Willis Towers Watson’s Retire Able solution, is one way to achieve this.”

Anne Jones
Director, DC Consulting Team

A notable change this year is the number of own-trust schemes offering facilitated access to a nominated third-party drawdown provider.

Despite the availability of the £500 pension advice allowance, few trust-based schemes allow this facility – this being despite many more offering access to a member paid advice service. It would appear that many employers and trustees are not taking up the challenge of providing access to financial advice in an accessible way, nor taking full advantage of the tax efficient options available.

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At-retirement support for members

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