Defined benefit (DB) pensions have long been synonymous with security. But what lies behind that sense of security—how well members understand their pension, how confident they feel about it, and how they respond to change—often receives far less attention than it should.
As providers, we want every member to fully understand their pension. That means communicating clearly and consistently, in ways that enhance confidence and help people navigate the complexities behind their retirement benefits.
At Standard Life, we see both sides of the member journey. Through pension risk transfer, we work with schemes to navigate complex challenges and deliver solutions that safeguard long-term security for members. Once a buy-out is complete, we then engage directly with members—supporting them through key moments, answering questions, and helping them understand what their pension means for their future.
Why this matters
Defined benefit pensions involve decades of careful funding, investment, and governance decisions — all designed to deliver security for members. But that value only fully lands if members understand and trust what they have.
When understanding is shallow, two important risks emerge.
First, it is a missed opportunity if members don't recognise the value that has been secured on their behalf. Significant work is carried out in members' interests — often over many years — to protect benefits and improve longterm outcomes. Yet during moments of change, particularly a buyout, that value can be obscured if the purpose and impact aren't clearly understood. A process designed to strengthen security can instead feel unsettling.
Second, incomplete understanding doesn't sit neatly within DB alone. Many members hold a mix of DB and defined contribution (DC) benefits. Uncertainty about one part of their retirement picture can influence decisions elsewhere — increasing the risk of disengagement or poor choices at retirement.
Understanding, therefore, isn't a "nice to have". It underpins confidence, trust, and decision making — and determines whether members truly feel the benefit of the security their pension is designed to provide.
To better understand this dynamic, we commissioned research to listen directly to DB members. Through a large-scale survey of 1,000 members across the UK, supported by several in-depth interviews, we set out to move beyond assumptions and uncover what really shapes the member experience today.
What our research revealed is both encouraging and instructive. Overall confidence is high, but is often untested – resting more on trust in the system rather than on detailed understanding. While providers across the industry continue to invest in improving the member experience, the findings suggest there is still more that can be done to ensure understanding keeps pace with confidence.
Understanding: Strong on the surface, but often incomplete
Most members believe they understand their DB pension—84% told us so. But when we dug deeper, many admitted their knowledge was "broad rather than detailed." The headline pension figure is often the anchor point, while the rest of the information feels "algebraic" or "difficult to unpack".
Gaps become most visible where members are joining the dots across multiple pensions, particularly where DB and defined contribution (DC) benefits sit side by side. This matters because when understanding is incomplete, confidence can quickly falter during periods of change – even when outcomes are objectively positive.
Confidence and priorities
When asked what matters most, members highlighted five priorities:
- Security (49%)
- Trust (42%)
- Clear communication (32%)
- Protection for dependants (31%)
- Flexibility (30%)
Confidence levels are strong: 85% of members feel confident about their pension. However, much of this confidence rests on trust in the system rather than deep comprehension.
Our research shows that lower understanding strongly correlates with lower confidence. This reinforces the central role that clear, consistent communication plays in maintaining trust – and in encouraging more active engagement with retirement planning and decision-making.
Communication: A critical driver of reassurance
Overly complex, inconsistent, or impersonal formats can erode trust, with some members telling us they "can't get under the bonnet" of the information they receive. Members want communication that is clear, simple, and predictable —typically annual by post (34%) or monthly by email (31%).
Buy-out: The moment where reassurance matters most
Buy‑out is a pivotal moment for DB members—and one where reassurance is critical. While trust in the process is generally high, 92% of members told us they would have concerns during a buy‑out. Comfort levels vary sharply by age: 77% of 25–34‑year‑olds feel at ease compared with only 28% of those aged 55+.
A buyout is designed to protect that value and secure it for the long term. When members understand what is changing – and crucially, what is not - it reinforces confidence in the benefit they have earned. When members do not understand, there is a risk that a process carried out firmly in their interests can obscure the value that has been secured on their behalf.
Interviews reinforced this theme: members want to know what's changing and whether their benefits remain secure. For many, this is the point where trust is tested—and where clear, proactive communication can make the difference between reassurance and anxiety.
What members want next: Practical support that makes pensions easier
Members were clear about what would help most:
- Helpdesk or live chat (45%)
- One-to-one advice (41%)
- Calculators and tools (39%)
- Educational materials (38%)
- Workshops (38%)
While most feel supported, 22% of those surveyed, consider themselves as vulnerable and want more direct, accessible help. Across all interviews, one message was universal: make pensions easier to understand, access, and navigate.
The Opportunity Ahead
DB members value security and trust above all else. But beneath strong top-line confidence lie important nuances in understanding, communication, and reassurance needs.
These findings point to a clear opportunity: to create a more human-centred member experience—one that helps people feel informed, supported, and secure through the moments that matter most.
At Standard Life, these insights reflect what we see every day in our conversations with trustees and employers. They continue to shape how we support smooth, member-focused transitions. Our goal remains simple: to ensure members feel informed, reassured, and respected throughout their journey.
To explore our insights further, read our full report
