Video: Ian Hodson of University of Lincoln on the impact of switching from a DB to DC pension

Ian Hodson, head of reward/deputy director of human resources at University of Lincoln, on the impact of switching from a defined benefit (DB) to defined contribution (DC) pensions arrangement.

Hodson explains that a key reason for moving from a DB to DC provision was the fact that, for individuals, DB schemes were becoming more expensive which was leading people to making an ‘in or out’ decision, so they wanted something that was more flexible.

“For us pensions really isn’t the be all and end all of savings throughout someone’s career now,” says Hodson. “We’ve got a number of other benefits – workplace ISAs, workplace savings schemes, AVCs – that can help people with different times in their life.”

He goes onto explain what this decision has meant for its financial wellbeing and financial education strategy.