16 May 2018

Survey: 2018 Pension Freedoms Report

Hymans Robertson surveyed more than 100 pension professionals to understand how the industry can do more to ensure defined benefit (DB) members take the right decision with their retirement options.

Key findings:

The proportion of people transferring out of their DB scheme is up four-fold compared to the pre-April 2015 levels.
95 per cent of the trustees and sponsors surveyed were concerned about the consequences for their members if they don’t receive adequate support, and 80 per cent were also worried about the broader consequences for their own scheme.
52 per cent of those surveyed believe their own scheme could be doing more to educate their members and 51 per cent agree there should be greater requirements placed on trustees and sponsors to ensure they provide adequate support.
Almost half of employers and a third of trustees think the responsibility of supporting savers with pension freedoms choices should lie with the individual.

This paper sets out to understand what the key challenges are and how we, as an industry, can overcome them in order to secure better retirement outcomes for members.