Member Options | KPMG | UK

Member Options

Member Options

Reduce risk, cut costs and give your employees more control over their pensions.

Reduce risk, cut costs and give your employees more control over their pensions.

The pension flexibility measures, introduced in the UK in April 2015, are bringing many changes. One of these is an increased interest in member options, which allow employees to make choices about their pensions and shape their arrangements to suit their needs. Member options can also benefit employers and trustees; they can help minimise future pension scheme risk, reduce funding deficits and cut costs.

Typically, member options operate as a restructure of benefits or a discharge of liability from the scheme. The most popular member options allow members to adjust their pension increases (pension increase exchange) or transfer to external providers to access the wider flexibilities available (flexible retirement options). Member options are regulated by a code of practice which governs how employers and trustees make decisions.

At KPMG, we believe the key to a successful member options initiative is a clear and attractive offer supported by effective communications. Members can then seek independent financial advice to help decide whether the option is right for them.

We lead the market in implementing member option exercises. This is because we have effective processes, an established communications team and strong relationships with independent financial advisors.

For more information on how we can help your organisation, contact our team today.

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