Defined Benefit pension funds often focus on investment-related risk but, as part of an Integrated Risk Management approach, it is prudent to consider all available options. Reviewing a scheme’s member options can highlight opportunities to reduce risk and add benefit flexibility.

Since the 2014 budget, the number of DB plan members seeking information on the size of their pots has increased by up to 50%. It therefore makes sense for both trustees and sponsors to gain a good understanding of the options available, so they can consider which might be suited to their scheme and its members.