Better Choice Could Cut Pension Buyout Costs By £100B
By Irene Madongo (June 22, 2022, 7:19 PM BST) -- Defined benefit retirement plans could lower buyout costs by as much as £100 billion ($122 billion) by offering members a broader range of choices for accessing benefits, a financial services consultancy said Wednesday.
Offering members more benefit options could also potentially reduce the time that retirement savings plans take to reach buyout by about three years, Hymans Robertson said, making them more attractive to potential buyers.
The options include allowing savers access to benefits if they retire earlier than planned or if they allow for bridging pensions, in which a member of a plan starts to access retirement savings before reaching state...
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