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Survey Report

Emerging Trends in Defined Benefit Pensions Survey 2022

November 28, 2022

In this report, we explore the current emerging trends affecting defined benefit (DB) schemes in the UK and how pension scheme decision-makers feel about these developments.
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During September 2022 WTW asked employers and trustees for their views on the issues affecting schemes at that time (although it should be noted that most responses pre-date the market turmoil affecting gilts that occurred towards the end of September). Some of the key findings are:

  • Nearly 1 in 5 schemes face pressure from members to address the cost-of-living crisis by paying discretionary increases
  • With improved scheme funding, a majority now target buyout
  • The number of schemes reporting increased engagement and stewardship of assets in relation to climate factors has doubled, with a third considering doing so in the short-term
  • Schemes have made significant moves to improve member support and enhance the member experience, and this is expected to continue
  • Almost a quarter think that producing the calculations required for pensions dashboards will be difficult for their scheme, but 8 in 10 companies think they will be ready by the deadline

We would like to thank you for participating in the survey. Please download the survey slides for details on the findings, or for further information, please contact your WTW consultant.

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Emerging Trends in DB Pensions Survey 2022 PDF 1.1 MB
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