DB member choice survey 2017

The rise of pension flexibility in the UK

March 27, 2017
| United Kingdom

In April 2015 changes were introduced to allow individuals with defined contribution (DC) pension savings complete flexibility over how they use them in retirement.

Since then sponsors and trustees of many defined benefit (DB) schemes have also increased the range of options available to their members. By transferring to a DC arrangement at retirement, DB members can access the new flexibilities and schemes have introduced changes in how they communicate with and support members facing more choice at retirement. Many schemes have also introduced further choice for members who have already retired, allowing them to change the shape of their benefits.

In this survey, Willis Towers Watson spoke to the leading firms of financial advisers to find out what choices over 170,000 DB scheme members have made in the two years since pensions flexibility was introduced.