It is now a year since what the Chancellor called “the biggest shake-up to pensions in decades” came into force: providing complete flexibility for individuals with defined contribution (DC) pension savings over how they use them in retirement.
Since then, sponsors and trustees of many defined benefit (DB) schemes have acted to increase 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 by allowing them to change the shape of their pensions.
In this survey, Willis Towers Watson spoke to the top firms of financial advisers to find out what choices over 90,000 DB scheme members have made since pensions flexibility was introduced.