With Defined Benefit (DB) schemes in the Higher Education sector seeing a steady increase in costs, many institutions are now considering whether to move a proportion of their staff onto a DC scheme.
DC schemes can introduce a lot of freedom and flexibility for staff members which can be very valuable, however setting up a DC scheme can also be a complicated exercise and may initially create concerns for those staff members being moved. Therefore the key to a successful DC launch is getting the right provider, the right level of benefits and ensuring that you are engaging with staff in a way that helps them to see the potential.
During this 45 minute webinar we hope to give you an understanding of the key issues when thinking about setting up a DC scheme, including:
- structure design, including different types of arrangement and how to decide on level of contributions payable
- analysing pros and cons of DB or DC schemes
- best practice in selecting a provider and default investment arrangement
- engaging with staff so they can see the value of the flexibility within DC schemes
- establishing good ongoing governance structures to maintain good member outcomes