Member Outcomes Under Freedom and Choice

This year has seen many headlines on the surge in members transferring out of occupational pension schemes in the wake of the freedom and choice legislation. Yet there has been little focus on what this has meant for these members, their savings and security in retirement. The choices members make, and are supported in making, can mean the difference between financial security and possible poverty. To understand what is happening, we have analysed our own schemes to find out where members are going when they transfer and what impact this is having on their retirement savings. The difference in potential outcomes for members is alarming.

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