Claire Altman: Schemes must be mindful of the communications challenge posed by a move to buyout and the need for reassurance
Confidence among defined benefit (DB) members is high, with 86% saying they feel confident about their pension, trust it is secure, understand how it works and expect it to deliver without surprises, latest research from Standard Life reveals.
The insurer's DB Member Insights Report 2026 – based on a survey of 1,000 DB members, commissioned by Standard Life and conducted by Censuswide in October – found this confidence was largely due to trust in the system rather than deep knowledge of the detail.
Despite this, the research found confidence levels dropped significantly at times of change – with only 28% of over-55s comfortable at this point, compared to 77% of those aged 25 to 34.
The research also found that if a scheme moves to buyout, 92% of members would have some concern – with members saying doubts would come from not knowing who would be responsible for their benefits and whether everything was on track for their retirement.
Standard Life's research also showed that, when it came to their DB pension, members want more practical support – with access to a helpdesk/live chat (45%) being the top choice, followed by one-to-one advice (41%) and easy-to-use tools like calculators coming in third (39%).
Standard Life managing director of pension risk transfer and individual retirement Claire Altman said: "Members of DB schemes have had to contend with years of uncertainty around deficits and the risks that posed to their potential entitlements. This challenge has by and large receded for most schemes and members feel rightly confident about the outlook for their pensions.
"That said, schemes must be mindful of the communications challenge posed by a move to buyout and the need for reassurance. Members want to understand what's happening and why, and they need clarity that their benefits are protected by the strict capital requirements for insurers. Our role is to make that journey smoother by giving them the clarity and confidence they need at every stage."
Standard Life director of client services Mark Fenlon added: "Behind every statistic is a person planning their future and it's clear that members want clarity about what's changing and whether their benefits remain secure. The answer isn't more paperwork, but practical solutions that make pensions easier to navigate which is why we've invested in tools and support with our partner Equiniti.
"As schemes move toward buy-out, the industry has a real opportunity to turn uncertainty into trust through clear communication and accessible tools. Financial security alone isn't enough, and members need reassurance to feel confident through change."
