A new report from insurer Standard Life suggests that confidence among defined benefit pension members in the UK is high, with 86% saying they feel confident about their pension, and trust it is secure, understand how it works and expect it to deliver without surprises.
This is largely due to trust in the system and broad understanding about their pension, according to Standard Life’s new DB Member Insights Report 2026, which draws on a quantitative survey of 1,000 DB members across the UK combined with in-depth interviews to explore what people really think, feel, and need when navigating their pensions.
The report calls for clear communication and practical support to reassure members during the transition to buy-out when schemes achieve endgame strategies, however. Although 86% of members say they feel confident about their pension, this drops at times of change. The cohort most likely to undergo change reports being the least comfortable with only 28% of over-55s feeling comfortable compared to 77% of those aged 25–34.
Furthermore, the research also shows that if a scheme moves to buy-out, 92% of members would have some concern. Interviews revealed that this comes from not knowing the answers to questions such as who is responsible for their benefits and is everything on track for their retirement.
“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 buy-out 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,” said Claire Altman, Managing Director PRT & Individual Retirement at Standard Life.
“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. 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,” added Mark Fenlon, Director of Client Services at Standard Life.
