Marvin OnumonuJust Group has revealed that that 38% of pre-retired defined benefit (DB) members do not feel confident about their retirement planning.
The report, ‘Tuning into Member Needs’, included findings from extensive research on private sector DB pension members across various scheme providers.
The research involved 20 in-depth interviews followed by a survey of 1,505 individuals, covering a range of ages and retirement stages.
One in five pre-retired members over the age of 50 had not yet started planning for life after work.
Around 20% of those who had started planning were prompted by communication from their scheme provider.
Laura Pertile (pictured), director of operations and member services at Just Group, said: “We help people achieve a better later life, this is our purpose at Just and why we exist.
“We take the experience our customers receive very seriously.
“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.”
Pertile added: “DB members experience the same pressures as any other person preparing for retirement.
“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.”
