The research programme started with 20 in-depth, qualitative interviews and went on to survey another 1,505 individuals, covering a diverse range of ages, backgrounds and stages in their retirement journey.
The purpose of Tuning into Member Needs is to gain a clear understanding of the help DB members feel they need and want. The research probed where DB members already feel supported, where they have gaps in their knowledge and where they feel they need more help, before going on to examine if they have made plans for retirement and what triggered this planning.
Key findings around retirement planning include:
• 38% of pre-retired DB members do not feel confident about planning their retirement
• One in five pre-retired DB members over the age of 50 are yet to start planning for life after work
• Around a fifth of members who have started planning for retirement were prompted into action by a communication from their scheme provider
Laura Pertile, Director of Operations and Member Services, Defined Benefit Solutions at retirement specialist Just Group, said: “As an industry we can sometimes make the assumption that DB members don’t have concerns when planning or managing their retirement, but our research shows this is often an oversimplification. Taking a closer look at this community and making the time to ‘remember the member’ can highlight ways for our sector to improve the support we provide to these individuals, especially those who may be more vulnerable".
Tuning into Member Needs
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