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.

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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

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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.

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.

PRISM

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

DB consolidation

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

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.

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.

Fiduciary oversight

Impartial, comprehensive fiduciary oversight expertise brings peace of mind that you’re getting the best out of your arrangements.

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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.

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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.

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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.

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Talk to our team

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

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Find an expert

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

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Related insights

Webinar

What are trustee duties when considering run-on vs buy-out?

Join us on the 15 January for another webinar in our Excellence in Endgames series. This webinar will focus on the importance of trustee responsibility when considering run-on vs buy out.

Webinar

Understanding your data whatever your strategy

Join us on the 10 January for our excellence in Endgames webinar on understanding your data whatever your strategy.

Publication

2025 DC Outlook

We suspect the 2025 pensions market will focus on innovation, member outcomes transparency and value.

Publication

Local investment in the LGPS

The government's current Pensions Investment Review has a clear aim of increasing the level of pension scheme investment into the UK. While a lot of the talk has been about financing large-scale infrastructure projects, for the LGPS, the government has focused specifically on encouraging "local" investment.