Pensions flexibilities and DB schemes

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In April 2015 the government introduced a range of legislative changes designed to increase the flexibility that individuals have when accessing their pension savings from age 55 onwards. Although these changes apply mainly to defined contribution (DC) schemes, there is an inevitable knock-on effect to defined benefit (DB) schemes too.

To find out how DB schemes are reacting to the new flexibilities we conducted a survey, receiving 35 responses from pension managers of schemes ranging in size from £40 million to over £40 billion and gaining valuable insight.

Our research studies the impact of the new pension flexibilities on DB schemes and in particular focuses on three key areas:

• Additional Voluntary Contributions (AVCs)
• Transfer values
• Trivial commutation

You can download the full document below.