Liability management

Services for employers

Alternative benefit formats

Defined benefit pension schemes provide member benefits in a prescribed format covering pension, tax-free cash, pension escalation and spouse's benefits. Whilst this approach will suit the vast majority of members it may be less attractive or unsuitable for others.

In these circumstances members may want to consider alternative benefit formats such as:

  • Trivial benefits – would members prefer small pension benefits converted to lump sum amounts?
  • Pension increase exchange – some schemes provide pensions which increase at levels above statutory levels. It may be more attractive to convert part of that future escalation for a higher initial pension.
  • Early retirements – members may want all or part of their benefits paid at a date earlier than the scheme retirement age.
  • Transfer values – this allows members to take their scheme transfer value and purchase a pension in a completely different format which may better suit their personal circumstances.

Our process evaluates the impact of these revisions and targets any employer spend where it has the maximum benefit.

Our market leading member engagement tools mean that offers of this type can reach members in a format that engages them. This includes our unique member app which can provide all the information members need - literally in the palm of their hand.

Find out more about our liability management service

For an initial discussion please contact David Davison, Head of Corporate Advisory.


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Distressed employers have a number of options when it comes to their defined benefit pension obligations.

Defined Contribution Schemes

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