UK - As an increasing number of defined benefit (DB) schemes close, forcing workers to plan for their own retirement, research shows the majority of consumers still trust their own judgement or that of family and friends for retirement planning.
The survey, carried out by independent financial data collection company Defaqto, showed 27% of respondents trust their own judgement, 23% said they trust family and friends to give good advice and 12% trusted their spouse/partner.
From a professional standpoint, 28% trusted a financial adviser for retirement planning advice, while 24% trusted their employers.
Matt Ward, principal consultant Defaqto and lead author of the report, said: “The industry needs to find ways to build trust with the public and this will pay rich dividends in terms of both the amount of business generated as well as ensuring that people get the best advice in this vital area of their personal finances.”
The Co-operative Group's Somerfield Pension Scheme has completed a buy-in with Pension Insurance Corporation (PIC), insuring the benefits of its pensioner members.
Caroline Rookes CBE and Michele Hirons-Wood have joined The Pension Superfund's board of trustees to focus on maintaining governance standards and safeguarding member benefits.
The first specialist independent firm advising pension schemes on bulk annuities or moving to a consolidator has been set up with ambitions to shake up the market.