Third of DB trustees pointing members towards advice - study

In its Evolution of Member Options report series, which surveyed 100 DB trustees, the consultancy found the trend is likely to grow. This is because 11% of trustees have said they have plans in place to offer this service in the next year or so.

Hyman Robertson said that by providing this route to advice, trustees and sponsors will benefit from a membership that is more likely to be fully engaged with their retirement choices and, therefore, make them at less risk of being victims to "unscrupulous financial advisers".

DB trustees urged to engage with advisers to avoid 'reputational damage'

Hymans Robertson head of member options Ryan Markham said: "We know that a DB pension is now likely to be an individual's most valuable asset, more so even than a property.

"Regardless of how active an approach a scheme takes to member options, at some point their members are going to want to talk to someone they can trust about the choices they have."

He continued: "While trustees are often concerned that facilitating this advice will open the door for members to reappear years later looking for someone to blame, recent headlines have made it clear that the risks attached to doing nothing and leaving members to fend for themselves are far greater."

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