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If you’re considering closing your defined benefit (DB) pension scheme to new members or to further accruals, there may be certain obligations that you need to fulfil, including ensuring that you effectively communicate any changes to your members.

We understand this is a difficult subject to communicate and can help to manage this process by providing our services to assist your employees from initial consultation to closure. This can include answering queries through our helpline, providing guidance by using pension modelling tools to demonstrate a particular scenario, providing financial education and a microsite to help employees to understand the impact. We can also explain the new replacement scheme.

We have an abundance of experience in this area and have managed some of the UK’s high profile defined benefit pension closures to date. For example:

Telecoms client with 20,000 active members 

The objective was to close a defined benefit (DB) scheme to future accrual and to support members from initial consultation to closure, explaining the options of the new replacement scheme.

A 2 year programme was put in place including:

  • A telephone helpline and email support
  • Seminars and webinars
  • One-to-one guidance using pension modelling tools

Financial services client with 5,000 active members

The objective was to close a defined benefit (DB) scheme to future accrual and to support members from initial consultation to closure, explaining the options of the new replacement scheme.

A 2 year programme was put in place including:

  • A telephone helpline and email support
  • Seminars and webinars
  • Member microsite with slides, access to modelling tools and event booking

Pharmaceutical client with 2,000 active members 

The objective was to close a defined benefit (DB) scheme to future accrual and close an unfunded unapproved retirement benefits scheme (UURBS).

A full programme was put in place, including:

  • A member microsite with slides, access to modelling tools and event booking
  • Telephone helpline and email support
  • Group sessions to introduce and explain proposals
  • One-to-one guidance using pension modelling tools
  • Focus group to provide company and employee forum member feedback
  • Post consultation seminars and further one-to-one guidance

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