More than a third (36%) of employers have seen staff enquiring about transferring from a defined benefit (DB) to a defined contribution (DC) pension scheme since April, research finds.
The research, conducted by Close Brothers Asset Management (CBAM), looked at the impact of additional DC flexibilities introduced last year on DB schemes.
Half (50%) of the 900 employers surveyed said staff in both DB and DC schemes had limited understanding of the pension freedoms, or were confused about what the changes meant for them.
The research raised questions over how employers and pension scheme trustees communicated changes to employees' pension schemes and the ways they provided staff with suitable guidance and access to financial advice.
Close Brothers Asset Management head of corporate services Jeanette Makings (pictured) said: "Pension freedoms have dramatically changed the way individuals can access their pension savings, and it's therefore to be expected that more DB members will want to review whether a transfer is suitable for them.
"However, this is a complex and potentially high risk strategy and it is vital that individuals considering a transfer get professional advice from specialists who are experienced in reviewing pension transfers.
"It's a difficult time for employers and trustees as they grapple with the need to communicate these changes to their members and provide them with access to expert guidance and advice to ensure that their members make informed decisions," she added.
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