Rise in DB schemes providing members with financial advice

Two-fifths of members were provided with fully paid-for advice

Martin Richmond
clock • 3 min read

An increasing number of defined benefit (DB) schemes are providing members with additional support through educational modelling tools and financial advice, according to research from Aon.

The consultancy's 2024 annual member options survey, which surveyed almost 300 DB schemes, revealed more than a third of schemes provide members with support through educational tools and/or independent financial advice, with this number expected to increase to nearly 40% over the next year. The research also showed less than 5% of schemes only complied with the statutory requirements and provided no transfer options in retirement communications. Similarly, Aon said there was a reduction in the number of schemes that simply provided wording on the transfer options in retirement.  Aon ...

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