Clear, simple communication before and after buyout is critical to maintaining member confidence, despite generally high trust in defined benefit (DB) pensions, according to research from Standard Life.

Standard Life’s DB Member Insights Report 2026, Behind the Numbers, found that 86 per cent of DB scheme members said they felt confident about their pension.

However, the research showed this confidence was often based on trust in the system and a broad, surface-level understanding, rather than detailed knowledge, leaving it vulnerable when the scheme changed, such as through a buyout.

Indeed, many responses highlighted significant knowledge gaps in how benefits were calculated, tax treatment, and how different pension elements fit together, particularly for those with multiple schemes.

While confidence held up when pensions were familiar and unchanged, it fell sharply when members faced transitions.

The research shows that 92 per cent of members would have concerns if their scheme moved to buyout, even if they broadly trusted the process.

Comfort levels varied significantly by age: 77 per cent of members aged 25-34 said they felt comfortable at the outset of a buyout, compared with just 28 per cent of those aged 55 and over.

Interviews also revealed that buyout was perceived as secure “on paper”, but emotionally unsettling.

Members’ concerns centred on whether their benefits would change, who would be responsible for their pension post-transition, and whether their retirement income would remain secure.

Notably, communication quality was identified as a key driver of confidence.

Members favoured predictable, plain-language contact over frequent or highly technical communication, with 34 per cent preferring annual postal updates and 31 per cent preferring monthly email updates.

Overly complex or impersonal communications were also found to erode trust, particularly during periods of change.

Meanwhile, the report highlighted strong demand for practical, accessible support.

When asked what would help most, 45 per cent of members cited access to a help desk or live chat, followed by one-to-one advice (41 per cent) and calculators or planning tools (39 per cent).

Approximately 22 per cent of respondents identified themselves as vulnerable, and this group placed particular value on clear explanations and human support.

Standard Life managing director of pensions risk transfer and individual retirement, Claire Altman, said that while years of uncertainty around DB funding had eased for many members, buyout presented a distinct communications challenge.

“Confidence is high, but it’s rarely stress-tested,” she warned.

“During a buyout, members want clarity about what’s changing and reassurance about what isn’t.

"Clear, timely communication is one of the most powerful tools schemes and insurers have to maintain trust and help members feel secure through that transition.”

Standard Life director of client services, Mark Fenlon, added that the findings underlined the need to focus on experience as well as financial security.

“Members aren’t asking for more information or constant updates,” he said.

“They want practical support that makes pensions easier to navigate, whether that’s someone to speak to when they need reassurance or simple tools that help them understand what’s on track.

"Financial security alone isn’t enough if members don’t feel informed and supported through change.”

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