Communications breakdown affecting DC schemes

In a survey of some 5,400 employees and pension scheme members with 16 companies, WW found 65% of DC scheme members have “no idea or only a vague idea of their likely income in retirement, compared to 31% of DB scheme members”. This difference is to a large extent explained by a lack of “engagement” by DC scheme members, WW says, although part of the difference can be explained by the greater difficulty in calculating future incomes from such schemes. The survey has found DC members have found literature on their schemes less straightforward, more complex, more full of jargon, and more...