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With new ideas and innovations reshaping scheme design, funding strategies and endgame planning across the DB market, the Society of Pension Professionals (SPP) held a webinar on the evolving DB market. Attendees were asked approximately how many UK private sector DB schemes they thought there will be in 2035, compared to the roughly 5,000 private sector DB schemes currently in existence. |
70% of respondents predicted that 2,000 or more schemes will survive the next decade, with over half (52%) of expecting between 2,000 and 2,500 schemes to remain in 2035.
Almost a third (31%) selected 2,500 schemes, making it the single most common answer.
Only 18% believed the market will shrink to 1,000 or fewer schemes.
Attendees were also asked what factors Trustees should consider when setting DB scheme strategy.
Just 3% said this should be limited to the security of past benefits.
Nearly a quarter (23%) said Trustees should also consider member experience, option terms and administration standards. A further 23% felt potential member upside, such as inflation cap removal and benefit uplifts, should also be considered.
The largest group, more than half (51%), supported the broadest approach considering security, member experience, potential member upside and the potential for sponsor refunds.
Maria Keen, Trustee Director, Independent Governance Group, who chaired the event, said: “The SPP polling results highlight the scale of opportunity for the private sector DB market to evolve over the next decade. With 70% of attendees expecting at least 2,000 schemes to remain by 2035, the future is unlikely to be simply about consolidation and wind-up.
Trustee strategy is becoming broader than security alone, with member experience, improved member outcomes and sponsor interests increasingly part of the conversation. The next decade will be about finding new ways for DB schemes to deliver better outcomes while adapting to changing market conditions.”
Further SPP conference events this month will cover topics including innovations in the DC market, the future of fiduciary duty and improving equity in pension outcomes. Details for each of these events are available here:
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| Capital Actuary | ||
| London/Hybrid - £100,000 Per Annum | ||
| Reserving Actuary | ||
| London - £120,000 Per Annum | ||
| Pricing Actuary, Marine Cargo/Property | ||
| London - £130,000 to £150,000 Per Annum | ||
| Pricing Actuary – Cyber | ||
| London - £120,000 Per Annum | ||
| Reinsurance Pricing Actuary, Analytics | ||
| London - £130,000 to £180,000 Per Annum | ||
| Actuary - Financial Planning & Analysis | ||
| London/Hybrid - Negotiable | ||
| Reinsurance Pricing Actuary | ||
| London - £140,000 Per Annum | ||
| Head of Capital | ||
| London - £170,000 Per Annum | ||
| ART Pricing | ||
| London - £100,000 Per Annum | ||
| Pricing Transformation Actuary | ||
| London - £130,000 Per Annum | ||
| Pricing Actuary | ||
| London - £80,000 to £120,000 Per Annum | ||
| Pensions on Divorce Startup - Flexibl... | ||
| Remote - Negotiable | ||
| SVP, Head of Reserve Forecast Analytics | ||
| Bermuda - £200,000 Per Annum | ||
| START-UP, Lead Reinsurance Actuary | ||
| London - Negotiable | ||
| Senior Actuary | ||
| London - Negotiable | ||
| Reserving Manager | ||
| London - £130,000 Per Annum | ||
| Senior Reserving Consultant | ||
| London - £100,000 Per Annum | ||
| Head of Capital | ||
| London - £180,000 Per Annum | ||
| Head of Portfolio Optimisation | ||
| London - Negotiable | ||
| Pricing Lead/Manager | ||
| London - £130,000 Per Annum | ||
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