Pension scheme members now have to grapple with a multitude of risks which have become increasingly complex and uncertain.
With this in mind, WEALTH at work conducted a survey with the Pensions Management Institute (PMI) to investigate the concerns Trustees have for their pension scheme members in the run up to their retirement and what support provisions they have in place.
Key findings include:
- 94% of Trustees fear their members approaching retirement will be targeted by scammers.
- 89% of Trustees are concerned that their members may not understand the tax implications of accessing their pension.
- 80% of Trustees have concerns about their members’ lack of understanding of the risks they face if they transfer out of their defined benefit scheme.
- 70% of Trustees worry about a lack of engagement with their members at retirement.
- 60% of Trustees are apprehensive that their members’ money will run out too soon in retirement.
To find out how we can help you to support your pension scheme members to overcome the risks at retirement please contact us.
*The survey received 63 respondents from a range of Trustees which were completed online from June 2020 to April 2021.