Open DB pension schemes
Guiding you through the challenges of running an open defined benefit scheme
Due to the increasing cost and risk of providing defined benefits, the number of open schemes has reduced significantly in recent years: in 2010, data collected by the Pension Protection Fund showed that 21% of defined benefit schemes were closed to new benefit accrual; ten years later, this figure has increased to 46%. With this trend expected to continue, there is a possibility that some in the pensions industry will overlook issues affecting open defined benefit pension schemes.
This is where our specialist open DB schemes team is able to help. With a dedicated focus on issues that affect open schemes, the team ensures that our advice is tailored and complete. Working in partnership with trustees and companies, we are ideally placed to advise on all aspects of open schemes including:
Often in an open defined benefit scheme, trustees and sponsors are working together to ensure that the benefit structure remains viable. However, with steadily increasing costs of pension provision, sometimes something has to give. We have experience of guiding all parties through changes to benefits, and plenty of ideas about how to put a more sustainable structure in place whilst still delivering good member outcomes. Find out more about benefit design consultancy services.