Providing members access to unbiased financial advice

Analysis carried out by the Financial Conduct Authority revealed that 69% of DB pension scheme members taking financial advice are recommended to transfer. However XPS experience shows that, where schemes have appointed a financial advisor, only 20% of pension scheme members are recommended to leave their scheme.

One of the key perceived risks for trustees and sponsors of DB schemes is the reputational risk of selecting or appointing an inappropriate IFA. However, there may be an even bigger risk if you do not provide appropriate support to your members when they are considering their options. XPS examines what options are available to schemes.

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