Uncertainties around DB pension scheme liabilities can be a source of considerable anxiety for employers. Indeed, many employers prefer to spend any spare money reducing those liabilities, rather than adding extra funding to the scheme.
This makes sense because of the prudent approach trustees are expected to take when funding pension schemes. It means that fair offers can be made to members that give a saving compared to the value placed on the liabilities for funding.
Pensions are complicated and any liability management exercises need to be explained clearly to scheme members. If scheme benefits are reshaped or transferred out, members cannot be expected to make decisions without access to clear and comprehensive information.