Overcoming the risks at retirement 2022.

Pension scheme members now have to grapple with a multitude of risks which have become increasingly complex and uncertain. The pension freedoms and the shift from defined benefit to defined contribution pensions has transferred more risk to pension scheme members, many of which lack the financial awareness to be able to manage them.

With this in mind, WEALTH at work conducted a survey with the Pensions Management Institute 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.

Please click here to view the results.

Key findings include:

• 92% of Trustees fear their members approaching retirement will be targeted by scammers.
• 88% of Trustees are concerned that their members may not understand the tax implications of accessing their pension.
• 86% of Trustees have concerns about their members’ lack of understanding of the risks they face if they transfer out of their DB scheme.
• 73% of Trustees are apprehensive that their members’ money will run out too soon in retirement.
• 70% of Trustees worry about a lack of engagement with their members at 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 64 responses from a range of Trustees that were completed online from January 2022 to April 2022.