Since the pension freedoms in 2014, members of defined contribution (DC) schemes have had lots more flexibility in how they access their savings, but with this flexibility come difficult choices and risks.
For several years, the PLSA has been advocating for our Guided Retirement Income Choices framework, which would create a duty on trustees to support their members in retirement with products and guidance.
We’re pleased that the Government is now pushing ahead with its Guided Retirement reforms to require decumulation defaults, and we will continue to work closely with our members and officials as the legislation takes shape and schemes’ offerings evolve.