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

Martin Richmond
Author spotlight

Martin Richmond

Senior Correspondent at Professional Pensions

More on Your profession

Student loans present 'almost impossible' financial planning question

Student loans present 'almost impossible' financial planning question

To be a 'burden' for years to come, advisers say

Sophia Panayi
clock 28 May 2026 • 5 min read
Advice consolidation: Reputation, regulation and a transforming market

Advice consolidation: Reputation, regulation and a transforming market

Growth alone is no longer enough

Isabel Baxter
clock 27 May 2026 • 5 min read
Treasury Committee's student loans call for evidence gets over 52,000 responses

Treasury Committee's student loans call for evidence gets over 52,000 responses

One of highest response rates to a select committee on record

Jen Frost
clock 27 May 2026 • 3 min read