Defined benefit 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.

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Why Hymans?

Accessing defined benefits (DB) is a one-time decision. Members need to get it right. Meaningful options and quality support can significantly improve members’ retirement outcomes, while also enhancing your overall journey plan.

Creating a successful member options strategy means:

Tailoring for you members’ needs: valuable choice with access to guidance or advice increases engagement and protects member outcomes.
Enhancing your journey plan: whether your aiming for buyout or keeping options open, to get the most out of this you’ll need to decide how much choice to provide, how to provide it and on what terms.
Considering the insurer’s perspective: if insurance is your objective, it’s important to understand how insurers might view your strategy and what might change for members after buy-out.

Our services include:

Designing the optimal member options strategy based on your scheme and membership profile;
Developing a clear, impactful, tailored communications strategy;
Support with selecting experienced financial advisers to support members’ decisions; and
End-to-end project management to create a seamless experience.

Member options

Now is the time to consider your member options strategy. Here’s why:

Better member outcomes

More choice will benefit some members allowing them a better quality retirement

Less risk for you and members

Better communications and access to quality financial advice will improve decision making and help prevent scams

Journey plan enhancing

Higher member engagement and more active decision making will help accelerate your scheme’s journey plan

The journey to buy-out

Over 75% of DB pension schemes are now targeting buy-out. Around 40% expect to fully insure within the next five years.

Buy-out is a complex stage in a pension scheme’s evolution: schemes need a cohesive, integrated journey plan. Our Excellence in Endgames hub contains useful insight to help you cut through the complexity.

Visit our hub