Taking control of your pension scheme’s future | Part 4 - Understanding members
There are over 6 million members of defined benefit schemes in the UK yet to retire. How will these members navigate their pension options, what choices will they make and what impact will it have on pension schemes? Members are making choices every day that have an impact on their scheme’s funding progression and risk profile. This impact,whether positive or negative, is usually incidental to the scheme’s long-term strategy. A well thought-out strategy around member options should form an integral part of any scheme’s journey plan and allows trustees and sponsors to take control of the likely impact. Without such a strategy, your objectives will either cost you more or take longer to achieve.
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