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 ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

News editor's view: The devil in the Budget detail

News editor's view: The devil in the Budget detail

The news editor's Friday Night Takeaway from 30 October

Isabel Baxter
clock 30 October 2026 • 2 min read
What's spooking financial advisers this Halloween?

What's spooking financial advisers this Halloween?

Experts share what's keeping the profession awake this spooky season

Professional Adviser
clock 30 October 2026 • 4 min read
Feel Good Friday: CISI urges financial planners to give 'one hour' to upcoming Financial Planning Week

Feel Good Friday: CISI urges financial planners to give 'one hour' to upcoming Financial Planning Week

Event takes place January 2027

Professional Adviser
clock 30 October 2026 • 1 min read