As pension schemes edge closer to their endgame, the decisions trustees make today will shape member experiences for decades to come. A new piece of research from Standard Life sheds fresh light on what trustees truly value when selecting an insurer for a buy-in or buyout—and the findings reveal a clear shift in mindset.
While pricing still matters (and always will), trustees are increasingly focused on the fundamentals: financial strength, long term stability, and how well members will be looked after once their benefits move to an insurer.
The big three: Pricing, financial strength and member experience
Standard Life's research shows an overwhelming majority of trustees rank three factors above all else:
- 95% say pricing is important
- 91% highlight financial strength
- 88% prioritise member experience and administration
In other words, trustees are looking for value—but not at the expense of security or service. The days of price dominant decision making are giving way to a more holistic approach.
Other considerations such as an insurer's reinsurance strategy or flexibility around illiquid assets ranked far lower. These findings suggest that trustees are zeroing in on what will matter most long after the deal is done.
One size doesn't fit all: Priorities shift by scheme size
Interestingly, the research highlights meaningful differences between schemes depending on their asset size:
- £100m–£250m: Financial strength comes first
- £250m–£500m: Pricing takes the top spot
- £500m–<£1bn: Member experience becomes the priority
- £1bn+: Contractual terms matter most
This reinforces what many in the market already sense: larger schemes, with more complexity and more stakeholders, prioritise the long-term operational partnership, not just the transaction.
Pricing and member experience have always been important to trustees, but there's a clear shift happening. As schemes move past the point of simply aiming for endgame readiness, trustees are now looking for long term reassurance. They want to know that once members move to an insurer, they'll continue to receive a consistently high level of care and administration throughout their lifetime.
Limited variation in endgame choice by size of scheme
The research also reveals an interesting trend: large schemes are no longer carving their own path. Nearly half (49%) of schemes with assets over £1bn now consider buy‑out their endgame outcome—almost identical to the overall market average of 48%.
This signals a continued shift towards insurance-based solutions as the preferred route to locking in member security and reducing long-term risk.
With insurer capacity expanding and transaction volumes holding strong, trustees appear to be taking a more holistic view—one that blends financial resilience, quality of service, operational capability and cultural fit.
The buy‑out decision is becoming more sophisticated
With Trustees placing far more emphasis on long term stability, culture and an insurer's overall service approach, early engagement and genuine collaboration are becoming essential to making sure the decisions taken today continue to deliver value for members well into the future.
The message is clear: buy-ins and buyouts are no longer seen as purely financial transactions. They're strategic milestones built on trust, partnership and long-term confidence.
For more insight into what DB members themselves value, explore our recent DB Member Insights Report.
Note
*Research conducted by Professional Pensions on behalf of Standard Life in August 2025 amongst 100 DB Pension Scheme Trustees, of Schemes larger than £100m
