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Freedom and Choice has opened up a wide range of options for scheme members – both those approaching and those at retirement.
Yet the new flexibilities have presented employers, trustees and pension fund members with challenges. Scheme sponsors and trustees want to ensure members are making the best decisions and are not being scammed and members want to feel they are getting the guidance and support necessary to make an informed choice about their financial future.
Indeed, there is an increased demand from both sponsors and trustees to provide such support to members and to ensure the help they provide is consistent across the membership.
This webinar will examine the case for providing support to scheme members and the challenges around putting such a process in place. It will also take into account how such support takes into account of the fact that many members have both DB and DC provision; how such support is paid for in the light of the Financial Conduct Authority’s consultation into contingent charging; and the business case for employers to provide ongoing guidance to members in a bid to increase workplace savings levels.
In particular, it will ask:
1. To what extent are sponsors and trustees providing support to employees and members both approaching and at retirement?
a. What are the challenges to providing this support? [Cost, Ensuring consistent approach across scheme membership]
2. What does good employee and member support look like?
3. Should providing pensions guidance and support be led by employers or trustees? To what extent should trustees be getting involved in an individual’s pensions decision making?
4. How should such support be paid for?
5. How can such employer and scheme-based support take account of the fact that members often have a range of both DB and DC provision? What are the issues around providing support in these cases?
a. Should DB to DC transfers be considered as part of at-retirement support and, if so, how should this slot into the process?
6. To what extent is there now a business case to help employees save more?
a. How can retirement living standards help members make the right decisions with regards to how much to save?
Editor-in-chief, Professional PensionsView presenter info
Jonathan is editor of Professional Pensions and has been reporting on UK occupational pensions since 2001. He has won a number of awards during his career, most recently the SPP Trade Journalist of the Year Award in 2019. He is also holder of the PMI's Retirement Provision Certificate.
Director, WEALTH at workView presenter info
Jonathan is a founding Director of WEALTH at work - a leading provider of financial education, guidance and advice in the workplace – and works with a number of the UK’s leading companies to help employees understand their financial benefits. Jonathan is also a recognised commentator on financial matters, particularly with regard to pensions and retirement and is often quoted in the national and trade press and frequently speaks at roundtable and workshop events.