Member retirement options
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Scheme specific approach to the open market option
Practices relating to the open market option will vary between DC schemes. What is right for one scheme may not be right for another. Trustees should consider what approach is most suitable, bearing in mind the needs of their members (or dependants) and the circumstances of the scheme.
For example, factors influencing the decision may include:
- the numbers of members reaching retirement;
- their individual fund values;
- membership profiles;
- how expenses are met (for example are they paid by the employer?);
- the scheme's advisers, who may provide access to a range of services;
- the timing and process for the payment of benefits from other schemes of the employer;
- whether or not the scheme is or has been contracted out on a protected rights basis.
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