Member experience drives pension scheme buy-ins and buy-outs – Hymans Robertson

Member experience has become a main factor for pension scheme buy-ins and buy-outs, according to Hymans Robertson. 

Trustees are now focusing on how insurers handle member experience when selecting who to work with, especially as the pension risk transfer market gets more competitive. 

The firm reported that trustees are doing more checks on insurers’ admin capabilities to see what kind of service members will get both during and after the transaction.

Insurers are expected to meet Consumer Duty and support a growing number of deferred members. 

Hymans Robertson noted that insurers are putting more into communications, educational tools, online services, and support for members with complex benefits, to improve service and stand out in the market.

Donna Prince, head of member experience at Hymans Robertson, said: “We’re seeing trustees place member experience at the heart of their endgame strategy. 

“Schemes in strong funding positions are now looking beyond price, focusing on how insurers can deliver a seamless transition and maintain a high quality of service. 

“By engaging insurers early and focusing on what matters most to members, schemes can ensure a smooth transition from buy-in to buy-out, with minimal disruption for members.”