If changes have been agreed to the defined benefit pension scheme the trustees should make sure that members are updated.
You should explain to scheme members what is happening and whether they need to take any action. Members can either accept the outcome of the consultation or ask to transfer to another pension arrangement.
You should work with the scheme administrator to make sure all members have been contacted.
Scheme members may want to speak to a financial adviser. You could check if the employer would be willing to provide access to an independent financial adviser or a panel of advisers.
If not, you should direct members to:
- use the Pensions Advisory Service
- find an adviser using the Money Advice Service retirement adviser directory
- check if their adviser is authorised by using the Financial Conduct Authority financial services register
Make sure you don’t provide financial advice to scheme members unless you’re authorised to do so. For more information, read the guide to providing support with financial matters without needing to be subject to regulation (PDF, 174kb, 4 pages).
Consider how you can communicate this information most effectively with members. This includes deciding whether to use electronic or paper-based communications and writing in plain English. For more information, read the good communications guide from Pension Quality Mark.
Make sure you comply with the General Data Protection Regulation (GDPR). For more information, read the GDPR Made Simple guide from the Pensions and Lifetime Savings Association.
You should have identified how to handle incoming enquiries from members and stakeholders when you planned your response to the employer event.
Check to see how the arrangements are coping in case you need to make any changes.