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ARTICLE · 16 JULY 2025

What's Happening In DC

Travers Smith LLP
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This issue focuses on the DC aspects of the Pension Schemes Bill that was recently introduced to Parliament. The theme running through the DC policy decisions is better outcomes for members...

United KingdomEmployment and HR
Travers Smith LLP
Travers Smith LLP
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'Default pension benefit solutions' (decumulation defaults)

DC scheme trustees will be required to "design, and make available to eligible members of the scheme, one or more default pension benefit solutions" and "at such times or intervals as may be prescribed, review the design (and if appropriate the number) of the default pension benefit solutions". The new duties are expected to involve trustees offering a suite of decumulation products and services that are suitable for their members, with 'pension freedoms' remaining as an alternative option where the scheme options do not appeal to a particular member.

A "pension benefit solution" must be designed to deliver benefits to eligible members or a subset of them in the form of a regular income in their retirement. Trustees must take account of the needs and interests of members and any subsets considered appropriate, their circumstances, and the fact that a member may have already drawn some benefits

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