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Pensions are more complicated than ever, with an increasing number of options and factors for members to consider in the run-up to retirement. Recognising this, the Pensions Regulator has stated “It is essential that they are provided with the information needed to allow them to make informed decisions.” Doing so is a not insignificant challenge given the complexity of the decisions, and given the variability in members’ levels of current understanding.
In late 2016 we started running a survey of pension scheme members to better understand their levels of awareness and comprehension. Our hope is that this information will help pension schemes to shape their communication strategy to best support members, ensure members are in a position to make informed decisions, and minimise the risk of future member complaints.
This survey is ongoing, and will continue to run for new pension schemes. If you are interested in discussing the results of the report, or in running the survey for the members of your pension scheme, please contact Sankar Mahalingham.