Find out what retirement options DB schemes offer, and how they communicate them to members
We surveyed over 100 schemes from a wide cross-section of UK pension schemes, across all industries, with scheme sizes ranging from less than £50m to more than £1bn.
The survey reveals some surprising finding about how schemes communicate with their members, including:
- 90% of schemes only start to communicate with members about their retirement options as they approach scheme retirement age
- While nearly all schemes have an option for early retirement, few highlight this to members
- There's been a significant increase in the number of schemes that proactively communicate transfer values
This research has also been referenced in a joint policy paper (external link) with Royal London.
- Publication: Joint Royal London/LCP policy paper (external link)
- Blog: Helping DB members make better retirement decisions
- Guest Blog: DB transfers surge - are members getting the quality advice that is needed?
- Newsletter: All change for DB transfers - issue 8
How we can help
We help you get communication right to maximise employee engagement.
LCP Sonar, our risk profiling tool, benchmarks your scheme against other pension schemes, covering covenant, funding and investment risks. You can quickly see how your scheme’s risk profile compares to others and think about the key risks for you.
We provide a bespoke, high quality pensions administration service.
We help companies navigate through the complexity of pensions provision.
We help trustees achieve their strategic goals, with solution-led, appropriate advice.