Employees save for many years to fund their retirement income but will it be enough and do employers provide sufficient support?
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The pension flexibilities allow individuals to access a wider range of retirement income options (such as income drawdown, annuities or a combination of options), which may need different investment strategies in the lead up to retirement. Have your investment ‘glide path’+ options in your defined contribution (DC) pension changed to adapt to this?
+By glide path we mean how pension savings are invested in the years leading up to retirement.
The pension changes allow DC scheme members to access their savings from the age of 55, whether they intend to retire or not. This means employees may want to access some or all of their DC or defined benefit (DB) savings long before they retire.
The pension freedoms have revolutionised the options available at-retirement, but with this comes increased risk and responsibility. What support is available for employees to help them optimise their income at-retirement?
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