The predicament
The government has given more flexibilities to members to help them have greater control over their savings and benefits when they retire. But the reality is, many members are unaware of the different ways they can take their pension benefits. Some members have rarely had to make any decisions about their pension, so to be faced with such an important and life-shaping decision could easily overwhelm. This, at best, leads members to take the path of least resistance and at worst, could mean members lose their hard-earned savings through a pension scam.
Improving member experience is a priority for more than 80% of pension schemes
With the challenging financial climate in the UK, the Pensions Regulator recognises some savers may make hasty decisions about their retirement savings, such as accessing cash from their pension pot to pay for essential bills. Their guidance statement for defined contribution trustees, sets out how schemes should communicate and support savers through this period.
It’s therefore not surprising that improving member experience is a priority for more than 80% of pension schemes1.
How you can help members
The right support at the right time can help members feel in control of their savings, enabling them to make the right choices for their circumstances.
WTW’s Retire Able tools enable employers and trustees to provide this support. They’re designed to help:
We would be delighted to discuss the variety of services Retire Able offers and answer any questions you may have. To request a meeting, please contact your WTW consultant or our team of specialists below.
Footnote
1. 2022 WTW DC Savings Survey
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