Pension benefit design consulting

Employees look beyond their salary when considering the benefits package for their job. There's a greater focus on the complete reward package and, increasingly, on retirement outcomes.  

As pension benefit consultants, we help you offer the right combination of employee benefits to attract and retain a high-performing workforce. The right pension benefit design will help to keep them motivated while helping them secure a better future.

Our team of experienced actuaries acts as your pension benefit consultancy, advising organisations on the design and restructuring of their defined benefit (DB) and defined contribution (DC) pension arrangements. 

We can also offer advice on pension benefit design following a corporate transaction.

Getting your pension design right

Every organisation is different.

We'll help you review your pension arrangements, balance cost and risk, and make changes that support both your business and your employees.

That could include reviewing future service benefits, moving to a hybrid arrangement, salary capping or supporting scheme closure where appropriate.

Most employers have decided to close their final salary schemes to new entrants but many still allow existing members to continue to accrue benefits, perhaps on a reduced scale, or to introduce other forms of arrangement that better share risk between the employer and employees.

Making changes can feel like a significant undertaking. In reality, the right approach can often be simpler - and more beneficial - than expected. 

Our approach to pension benefit design

We'll work with you to review your existing arrangements, recommend practical changes and support implementation from start to finish. 

Clear communication is just as important as good design. We'll help your people understand what's changing and why.

From strategy through to implementation, we'll provide practical advice that's tailored to your organisation. 
 

Case study: Balanced path to closure

Challenge

A client wanted to keep its DB scheme open while controlling future costs and risk.  

Our approach

We reviewed a number of options and recommended a phased approach that balanced affordability with member outcomes.

Outcome

The employer was able to continue providing valuable benefits while reducing long-term risk and giving members time to prepare for future changes. 

Case study: Combining DB and DC pension schemes

Challenge

Rising costs meant a client needed to rethink its pension strategy.

Our approach

We designed a solution that combined the security of DB benefits with the flexibility of DC provision.

Outcome

The employer gained greater cost certainty while members retained valuable retirement options.