Defined benefit consulting

Defined benefit pension schemes are experiencing unprecedented change. Insured solutions are in reach for many, new endgame solutions are emerging, and there's increasing interest in running on schemes to benefit both members and sponsors.

Explore all services

Why Hymans?

We help our clients navigate complexity, reducing risk for members and scheme sponsors and ultimately securing pension scheme members’ benefits.

We love to build lasting, strong partnerships with trustees and sponsors to increase value and reduce uncertainty. We know the decisions you make have important, real-world consequences: we’re with you to the end of your journey, until the very last pension is secured.

350 +

Clients

400 +

Actuarial and investment team

100 +

Digital and modelling specialists

Explore our services

View all DB services

DB actuarial services

Our integrated, risk-based actuarial approach adds value and creates more certain outcomes for trustees, sponsoring employers and scheme members.

DB pensions administration

We deliver high-quality member and client service solutions for defined benefit, hybrid and career average related earnings schemes.

DB member options

The concept of retirement is changing and members are now more engaged in deciding how, and when, to access their valuable defined benefits.

DB governance

Trustees are under increasing pressure to meet regulatory demands as governance standards for UK pension schemes evolve.

DB consolidation

Consolidation is widely supported by both the industry and government and is an important step towards improving member outcomes.

Buy-out and wind-up transition services

For many defined benefit pension schemes, the end of the journey is in sight. The next milestone is to secure member benefits and wind-up the scheme.

Open DB scheme consulting

If you run an open defined benefit scheme and would like to share best practice with supportive peers, we’d love to hear from you.

Expert witness actuarial services

Our team brings many years of experience in providing expert witness advice and acting as expert witnesses in relation to disputes on behalf of trustees, companies, representative individuals and regulatory bodies.

PRISM

Fully digital, 24/7, self-service pension management for pension scheme members.

Risk transfer

One of the biggest decisions for trustees and sponsors of UK pension schemes is knowing if, when, and how to transfer risk to an insurer or alternative provider.

Pensions dashboards

Dashboards are fast becoming a reality, with the largest schemes due to connect from May 2025, and all schemes required to connect by the final connection date of October 2026.

Project and implementation management

Where do you start with large scale transformational change? When there are lots of moving parts to consider, it’s time to call on the experts.

Opens in new window View all DB services

Excellence in Endgames

For those managing DB pension schemes, it's a pivotal and exciting time. With a dynamic risk transfer market and new provider solutions, endgame planning is complex. It's not just about buy-out versus run-off; factors like scheme size and stakeholder beliefs play crucial roles. Careful consideration is key to navigating this diverse landscape.

Whether you are a trustee or an employer of a DB scheme, our 'Excellence in Endgames' hub is here to help you cut through the complexity, identify the right endgame strategy for your individual scheme and develop and execute a strategy that puts member outcomes at its heart.

Find out more

Set the right PACE to buy-out

If your defined benefit (DB) pension scheme is targeting buy-out, you need a cohesive strategy and plan to get there. And you need them sooner rather than later.

To help you deliver a successful buy-out strategy, we’ve developed PACE. Using a strategic approach to buy-out, PACE integrates affordability, investment and due diligence considerations to create a clear pathway for your scheme.

Find out more

Download our 2024 Risk Transfer report

No matter where you are on your scheme’s journey, we can guide you to the solution which best meets your needs and delivers.

Opens in new window Download report

Get in touch

Talk to our team

Contact our team today to learn how we can help your business make better risk and people decisions.

Get in touch

Find an expert

With experts across pensions, benefits, insurance, and digital, find the right person to support you.

Opens in new window Search experts

Related insights

Webinar

Pensions accounting – what you need to know for your financial year-end

Join our webinar on 4 December, where our experts, Nicola Pym and Jake Smith, will discuss what you need to know ahead of your upcoming year-end pensions accounting process.

Webinar

Aligning investment strategy with endgame objective

Join us for our webinar on 3 December, where Leonard Bowman will be joined by Ben Fox for a discussion on aligning your investment strategy with your endgame objective.

3 25X0 1870X1080 1600X924 Pensionsdashboard Image1

Webinar

Considering climate & longevity risks in your LGPS funding valuation

Join us on Wednesday 27 November for the third instalment of our 2025 LGPS valuation webinar series.

Cyclist At The Ledge Of A Mountain Looking At The Skyline

Publication

Master Trust Default Fund Performance Review November 2024

As more schemes move to Master Trusts, comparing providers is essential - but short-term performance alone isn't enough. This report takes a forward view, showing how recent market changes impact members, especially those in default funds, and answers the