With more DB schemes closing, more members will need to review their pension and retirement plans.
It is also likely that with the recent wider pension freedoms, that more people may review whether to transfer some or all of their DB benefits into a DC environment and so trustees, employers and their members will need access to guidance and advice.
The rate of defined benefit (DB) scheme closure among FTSE 100 companies is gathering pace, according to research by JLT Employee Benefits. Ongoing DB pension provision has reduced by approximately 13% to £7.2bn in the 12 months to 30 June 2015, after allowing for the impact of changes in assumptions and market conditions. According to the research only 55 FTSE 100 companies still provide more than a handful of current employees with DB benefits. This ignores companies incurring ongoing DB service costs of less than 1% of total payroll.