• Jump to main content
  • Jump to main navigation
  • About us
  • Careers
  • Media Centre
  • Contact
  • The Brain
Hymans Robertson
  • Pensions
    • Back to Main Menu
    • Defined Benefit Consulting
      • DB Actuarial
      • DB Investment
      • DB Pensions Administration
      • PRISM - Digital Pension Administration
      • DB Risk Transfer
      • DB Member Choice – At retirement
      • DB Governance
      • DB Consolidation
      • DB Wind-up
      • Project Planning and Management
      • Fiduciary Oversight
      • Responsible Investment
    • Defined Contribution Consulting
      • DC Pension Strategy
      • DC Scheme Structure
      • DC Investment
      • DC Engagement
      • DC Member Choice - At-retirement
      • DC Governance
      • Guided Outcomes
      • DC Master Trusts
      • Benefits and Rewards Strategy
      • Project Planning and Management
      • Responsible Investment
      • Communications
    • Public Sector Consulting
      • LGPS Actuarial
      • LGPS Investment
      • LGPS Governance, Administration and Projects
      • LGPS Employers
      • LGPS Online Learning Academy
      • Ill Health Liability Insurance
      • Responsible Investment
  • Financial Services
    • Back to Main Menu
    • Insurance
      • Longevity Management
      • Product Development
      • Risk and Capital Management
      • Investment and ALM
      • Insurance Company Regulation
      • Independent Actuarial Review Services
      • Project Planning and Management
    • Retail Advisory
      • Tailored Portfolio Service
    • Pension Providers
      • Digital Tools and APIs
      • Competitive Benchmarking
      • Proposition development
      • Operational Support
    • Digital Wealth
      • GO™ For Investment Pathways
      • Economic Scenario Service
      • API Catalogue
  • Digital & Innovation
    • Back to Main Menu
    • Digital & Innovation
      • API Catalogue
      • Economic Scenario Service
      • Digital Products
      • PRISM - Digital Pension Administration
    • Economic Scenario Service
      Explore the consequences of today's business decisions
    • Digital and Innovation
      We apply data science, technology expertise and innovation to help our clients build a better financial future.
  • Insights
    • Back to Main Menu
    • See all Insights
      • Webinars
      • Podcasts
      • Research and Publications
      • Blogs
      • Case studies
      • Press Releases
      • Events
    • Webinars
      Visit our webinar hub
    • All Insights
      See all our latest Insights
  • Team
  • About us
  • Careers
  • Media Centre
  • Contact
  • The Brain
  • Search

Our website uses cookies (what’s this?). These cookies allow us to distinguish you from other users of our website, which helps us improve our website and to deliver many of the functions that make your browser experience more user-friendly. Some of the cookies that we use are essential for parts of the website to operate. By using this website you agree to our use of cookies. To find out more, including how to opt out, please read our Cookies Policy.

OK

DB Member Choice – At retirement

Ryan Markham

Key Contact

Ryan Markham, Partner

View profile

The pensions landcape has changed significantly in recent years. Members now have much more choice around how they access their benefits, however they need support to help make these complex and life changing decisions.

We can help you implement a member options strategy which is a win:win for you and your members. We’ll ensure you provide members with valuable choice and that this choice is communicated really well.

Helping members make the right choices

Since the introduction of Freedom and Choice, members have become much more engaged in their retirement choices. It’s important these choices are informed and exercised in the right way in order to prevent members making wrong, irreversible decisions with life-long impact.

We can help you support your members on their journey to, and through retirement by:

  • Helping you understand the full range of member options  available, and importantly which ones could benefit your members
     
  • Developing an engagement  strategy to engage your members with their options over the long term.  We use engagement specialists from our sister company like minds to do this.

Facilitating access to financial advice to ensure your members receive quality support to help make the right decision

Contact Ryan to find out more. 

Why act now

There are three pressing reasons why trustees and sponsors need to act now:

  1. Member engagement is at an all time high – a staggering c£80bn of DB transfers have been paid out since the freedoms were introduced, with c£30bn of this paid out in the last year alone.  Members need the right support to help make good choice – retirement incomes should not be left to chance
     
  2. High profile scandals and scams – we must learn from mis-selling scandals such as the British Steel Pension Scheme, where members were picked off by unscrupulous advisers. This risks of doing nothing and leaving members to fend for themselves is too great. 
     
  3. Win win – Providing members with good choice in a supported environment will naturally help the scheme de-risk and accelerate the journey to achieving the long term target (whatever that might be) .

Member engagement is key to any successful member options exercise.  We use engagement specialists from our sister company like minds to build trust with members and ensure long term engagement is maximised.

We can help you develop a strategy to the benefit of all parties. A clear long term engagement plan will deliver a seamless, future-proofed experience for members, while driving efficiencies for trustees and sponsors over time.  

One of my schemes ran a PIE advised by Hymans Robertson, which had a 50% take-up, resulting in more engaged pensioners and leaving us able to consider settling our liabilities with a pensioner buy-in.

Steve Southern - Professional Independent Trustee

Evolution of member options

Read our three part member options series

Part one explored the key influences on the future of member options, and the role of you as a trustee in providing adequate support. Part two explored the financial market in depth, providing a recap of the changes the market has seen to date, and our predictions for how it will evolve in future. The third and final instalment looks at the recent innovations in the insurance market to help schemes benefit from member options.

Explore the series

Video

Member communications on a budget

Play video

19 minutes 05 seconds

Close video

With the changing pensions landscape, communicating effectively, and regularly, with members has never been more important as it is now. We can help you plan and deliver the best approach for achieving your engagement objectives.

Find out more

Get in touch

If you would like to find out more please don't hesitate to contact Ryan.

Get in touch

Award-winning advice

2020 Pensions Expert - Actuarial consultant of the year

2020 Pensions Expert - Actuarial consultant of the year

2018 PIPA - Investment consultant of the year

2018 PIPA - Investment consultant of the year

2017 PIPA - Actuarial consultant of the year

2017 PIPA - Actuarial consultant of the year

2017 Professional Pensions - Investment consultant of the year

2017 Professional Pensions - Investment consultant of the year

PASA Accredited Member

PASA Accredited Member

Related Content

The evolution of member options part three - the insurance market

Publications 03 Jun 2020

Suspending DB pension contributions

Blogs 15 Apr 2020

The evolution of member options part two - the financial advice market

Publications 19 Dec 2019

The evolution of member options part one - supply & demand

Publications 01 Oct 2019

Subscribe to our news and insights

Menu

About

    • About us
    • Careers
    • CSR
    • Award-winning advice
    • Abelica Global
    • Diversity & Inclusion

Legal

  • Accessibility
  • Modern Slavery Act Transparency Statement
  • Trust centre
  • Privacy notice
  • Terms of use

Resources

  • Brexit
  • Conflicts of Interest
  • Coronavirus (COVID-19)
  • Responsible Investment
  • Gender Pay Gap
  • Sitemap

Contact

  • Our offices
  • Get in touch
    • Visit us on Vimeo
    • Visit us on Linkedin
    • Visit us on Twitter
Hymans Robertson

Copyright © 2021 Hymans Robertson LLP. All rights reserved.