DB Member Choice – At retirement

The pensions landcape has changed significantly in recent years. Members now have much more choice around how they access their benefits, however they need support to help make these complex and life changing decisions.

We can help you implement a member options strategy which is a win:win for you and your members. We’ll ensure you provide members with valuable choice and that this choice is communicated really well.

Helping members make the right choices

Since the introduction of Freedom and Choice, members have become much more engaged in their retirement choices. It’s important these choices are informed and exercised in the right way in order to prevent members making wrong, irreversible decisions with life-long impact.

We can help you support your members on their journey to, and through retirement by:

Helping you understand the full range of member options available, and importantly which ones could benefit your members.
Developing an engagement strategy to engage your members with their options over the long term. We use engagement specialists from our sister company like minds to do this.

Facilitating access to financial advice to ensure your members receive quality support to help make the right decision.

Contact Ryan to find out more.

Innovative digital solutions

Our advice is underpinned by innovative technology and digital expertise. Adapting to an ever more digital world, we have over 200 digital experts ranging from data scientists, modellers, technical architects, developers to UX designers, all dedicated to creating transformative digital solutions.

Our digital first approach makes sure we’re harnessing the latest technologies and agile delivery to meet your needs. Powered by the latest cloud technology, our tools and solutions are best in class, and continually updated to keep up with the latest digital developments.

Our digital solutions evolve all the time. If you have a business challenge you need help with or if you would simply like to talk to one of our experts, please don’t hesitate to get in touch.

Why act now

There are three pressing reasons why trustees and sponsors need to act now:

Member engagement is at an all time high – a staggering c£80bn of DB transfers have been paid out since the freedoms were introduced, with c£30bn of this paid out in the last year alone. Members need the right support to help make good choice – retirement incomes should not be left to chance.
High profile scandals and scams – we must learn from mis-selling scandals such as the British Steel Pension Scheme, where members were picked off by unscrupulous advisers. This risks of doing nothing and leaving members to fend for themselves is too great.
Win win – Providing members with good choice in a supported environment will naturally help the scheme de-risk and accelerate the journey to achieving the long term target (whatever that might be).

Member engagement is key to any successful member options exercise. We use engagement specialists from our sister company like minds to build trust with members and ensure long term engagement is maximised.

We can help you develop a strategy to the benefit of all parties. A clear long term engagement plan will deliver a seamless, future-proofed experience for members, while driving efficiencies for trustees and sponsors over time.

One of my schemes ran a PIE advised by Hymans Robertson, which had a 50% take-up, resulting in more engaged pensioners and leaving us able to consider settling our liabilities with a pensioner buy-in.

Steve Southern - Professional Independent Trustee

Protecting DB pensions

Together with communication experts, like minds, we explored why engagement is the best form of defence against scammers and how you can better protect your members’ benefits.

Evolution of member options

Read our three part member options series

Part one explored the key influences on the future of member options, and the role of you as a trustee in providing adequate support. Part two explored the financial market in depth, providing a recap of the changes the market has seen to date, and our predictions for how it will evolve in future. The third and final instalment looks at the recent innovations in the insurance market to help schemes benefit from member options.

Explore the series