Behind the Numbers: Understanding what defined benefit members really think, feel and need

As the supplement states, “As more defined benefit (DB) schemes move toward buy-out, understanding the member experience is becoming increasingly important.” 

Standard Life commissioned a survey of 1,000 DB members across the UK alongside in-depth interviews to explore the member experience, their key concerns and what reassures them. The insights revealed that confidence is high but often rests on trust in the system rather than detailed understanding and that communication is a critical driver of reassurance. 92% of members say they would have concerns going through a buy-out, even if they broadly trust the process. 

Key points in the supplement: 

• Many members anchor on the final number while the underlying mechanics feel difficult to unpack   

• Communication quality is the single most important driver of reassurance with clear predictable contact preferred   

• A buy-out is the moment members need reassurance most and older members are notably less comfortable   

• Members want practical, personal support such as live helpdesks or chat, one to one advice and simple calculators  

The report also sets out practical implications for trustees and employer-based committees on how to join the dots between calculations tax and multiple pots and how to treat a buy-out as an engagement campaign rather than a transaction.

Read the piece today and unlock the full insights