Research

2018 UK Defined Benefit Survey

What next for DB?

June 25, 2018
| United Kingdom

DB pension issues have seldom been away from the headlines over the last 12 months with the failure of several high profile pension schemes resulting in greater governmental scrutiny. Alongside this, the introduction of pension freedoms in 2014 has led to increasing numbers of DB pension holders transferring their entitlements into DC.

The 2018 Defined Benefit Survey examines how pension-scheme decision makers feel about these developments and what their main priorities for their schemes are as a result.

Highlights:

  • De-risking and journey planning are the foremost priorities for DB schemes, for both pension managers and trustees.
  • The majority of trustees welcomed the government White Paper’s plans to better arm the regulator. Yet there are doubts about TPR’s ability to use them effectively and most trustees do not think it will materially have an impact on their scheme.
  • Over half of respondents report that pension transfers will fundamentally alter the management of DB pensions and two thirds expect transfers to improve their scheme’s funding level in the future

View the full report by clicking the download button at either the top or bottom of this page.

About the survey

The survey was conducted between March and May 2018 and includes 159 responses, including 94 trustees, 53 pension managers and 12 other corporate representatives.