The Department for Work and Pensions (DWP) has opened a consultation to determine what support and information occupational scheme savers expect in the lead up to taking their pension, at the point of access, and as they start to use their savings.
The call for input today (14 June) is focused on trust-based schemes and builds on research conducted by the Financial Conduct Authority for the contract-based market. The regulator found most savers choose the "path of lease resistance" when it comes to accessing savings which often sees savers take an income from their provider without shopping around for the most suitable product and without understanding how their workplace scheme is invested. The questions within the DWP's call for input cover a range of related topics including: member expectations and aspirations; information, ...
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