The Pensions Regulator

Member retirement options

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Support for the member

The level of help given to members (or dependants) might be categorised as 'default', 'limited choice' and 'assisted choice'.

These broad strategies are defined below.

Assisted choice
Scheme facilitates independent financial advice for members

Limited choice
Trustees appoint an annuity broker to search the market and find a competitive quote on a basis chosen by the member

Default
Trustees appoint an annuity broker to search the market and find a competitive quote on a basis determined by the trustees

We've set out in a table (Annex C) the common features of these approaches and the factors that might influence the trustees and the employer in their choice of a particular approach.

Members who obtain advice from a suitably authorised adviser are more likely to choose the form of retirement income or annuity that is appropriate to their situation, particularly where alternative options are available to them in the marketplace.

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