| |
Centre for Policy on Ageing | |
 | |
|
Helping DB members make better retirement decisions: the role of schemes, advisers, regulators and government
— a joint policy paper | | Corporate Author | LCP Insight Clarity Advice, Lane Clark and Peacock LLP; Royal London |
| Publisher | Royal London, London, August 2017 |
| Pages | 30 pp |
| Source | https://www.royallondon.com/Documents/Policy%20Papers/Help... |
| Keywords | Private pensions ; Advocacy ; Retirement policy ; Social policy. |
| Annotation | In the last few years, people with Defined Benefit (DB) pension rights have had many options to reshape their retirement incomes, such as taking their pension earlier or later than the normal scheme pension age. This paper asks whether more could be done to help DB members make the right choices as they approach retirement. It brings together the results of specially commissioned surveys of occupational pension schemes and of financial advisers, to answer key questions about the role of schemes, advisers, regulators and government in reshaping pension benefits for members of DB schemes. It concludes that there are vast amounts of pension wealth lie in DB pension schemes. While people have more choices about how to access that wealth than ever before, many of those with DB pension wealth appear to have little or no information about the choices available to them, nor the support they need to make the best choices. Legislation and regulatory changes such as improved information from pension schemes, an updated regime for advising on DB to DC (Defined Contribution) transfers, and new legal rights to partial transfers could all help to deliver better outcomes for savers. (RH). |
| Accession Number | CPA-170912003 B |
| Classmark | JK: IQ: G5: TM2 |
Data © Centre for Policy on Ageing |
|
| ...from the Ageinfo database published by Centre for Policy on Ageing. |
| |
|