Essar Oil and Liverpool Victoria: Freedom and choice in action
06 Apr 2017 - Estimated reading time: 4 min
Due to the additional choice and complexity introduced by the Pension Freedoms, it is clear that members of DB schemes will need support from their employers and trustees to help them make better retirement decisions.
It is expected that for the majority of members, remaining in their defined benefit scheme will be the right decision. However, for those whose personal circumstances mean that a transfer to an alternative arrangement might be appropriate, giving them access to relevant and timely information and support will be key.
The Essar Oil (UK) Pension Scheme (a client of Hymans Robertson for a number of years) wanted to ensure they helped their members make the right choice. They were keen to implement a solution that:
- Provides members with secure access to up to date and relevant educational materials and ‘real time’ pension information;
- Has access to competitive and quality financial advice and receiving products;
- Helps protect members from pension scams; and
- Was pre-packaged and therefore relatively low cost and simple to implement.
After considering a range of options, it was apparent that LV= Pension Compass ticked all of these boxes and more. It is a dedicated and secure online platform full of useful information and personalised tools that support with the engagement and education of members in relation ot their retirement choices.