Why should trustees bother to help pension scheme members with their choices, beyond any legal requirements?
Well, there are a few points worth considering:
- Most people find the subject of pensions, especially defined benefits (DB), difficult to understand.
- The average reading age in UK is 12.
- 49% of the UK population have the numeracy skills of an 11 year old.
- For some members, their pension can represent a big chunk of their personal wealth.
- Financial advice is increasingly unaffordable for the average scheme member.
- The average DB transfer value is now larger than the average UK house price.
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Last update: 7 September 2021
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