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

AI's energy demands pose responsible investing challenge

AI's energy demands pose responsible investing challenge

Advisers must rethink sustainable investment strategies to balance returns and ESG goals

Sahar Nazir
clock 07 March 2025 • 2 min read
More female advisers 'key to closing gender advice gap'

More female advisers 'key to closing gender advice gap'

'We are still a long way from gender equality in financial services’

Isabel Baxter
clock 07 March 2025 • 2 min read
PA Asks: Has the FCA got its one-year email deletion policy right?

PA Asks: Has the FCA got its one-year email deletion policy right?

This week’s poll also looks at HNWI UK exodous and the IHT gifting regime

Professional Adviser
clock 07 March 2025 • 1 min read