Default option: Why advisers should get to grips with workplace DC

The pension reforms of 2014 represent a dramatic change in how and indeed, when, many defined contribution (DC) members will access their pots in retirement. With around 85% of plan members relying on a default strategy to get them to a point at which they can retire, there is a clear opportunity for advisers to anticipate their clients' needs far into the future, particularly if an adviser has a strong understanding of the default fund and the level of savings of a client. Default fund design has evolved significantly over the years in the UK and following the 2014 Budget announcemen...