DC pension decumulation

Why Hymans?

Scheme members no longer just have one choice to make when they retire – instead, they have to make a series of decisions throughout retirement based on how they want to use their pension savings.

However, many defined contribution (DC) savers don’t really understand their retirement needs. They lack confidence when it comes to navigating the market and making good choices. This, coupled with the fact that a high proportion of DC savers are currently under-saving, means there’s an increasing risk of pensioner poverty and retirement regret.  

We are helping clients tackle this by working with them to introduce a range of support services and decumulation solutions, making it easier for them and their members to access the pension freedoms and improve their outcomes in retirement. 

We kick start this conversation by working with employers and trustees answer some searching questions:

• What is the problem you are keen to solve?
• What approach best suits your risk appetite and people strategy?
• What solutions will make a difference for your members both now and in the future?
• Where can you add value to improve outcomes?
• How can you help your members make better decisions?

There are a broad range of solutions, ranging from partnering with a post-retirement master trust or another specialist third party provider, to delivering a member support and engagement strategy, and/or design decumulation solutions.

We also work directly with the pension providers to help them deliver better solutions for their members, whether that be through effective to and through retirement strategies, consideration of the benefits of CDC and longevity pooling, or the incorporation of longevity data from Club Vita in their retirement propositions.

As a leading independent adviser, we give employers and trustees strategic advice to help support their DC scheme members and help them build better, more sustainable, futures.