More than a third (38 per cent) of pre-retiree defined benefit (DB) pension scheme members do not feel confident about planning their retirement, according to research from Just Group, which highlighted a “clear need” for greater support at retirement.

In addition to this, the survey found that one in five pre-retired DB members over the age of 50 are yet to start planning for life after work.

Given this, Just Group argued that there is a “clear need” to help private sector DB members understand all the options available to them is not met by all pension scheme providers, with pension providers set to be the main source of information for most savers.

Indeed, the research found that 48 per cent of respondents said that their pension scheme provider is the main source of support when planning and managing retirement, while 57 per cent of those yet to retire said they turn to their pension scheme provider as a source of support when planning retirement.

The report also demonstrated the impact this industry support can have, revealing that 86 per cent of pre-retired members who feel supported are confident about planning their retirement.

Furthermore, a fifth of members who have started planning for retirement were prompted into action by a communication from their scheme provider.

However, whilst Just Group acknowledged that some providers are doing well to meet members’ key needs, the report suggested that more can be done to support DB pension holders to ensure they’re equipped to make the right decisions.

In particular, 20 per cent of savers said they would like help setting goals, while 29 per cent are keen on more proactive communication and improved online functionality, and 28 per cent wanted assistance and education on how DB pensions work.

Commenting on the findings, Just Group director of operations and member services, Laura Pertile, stated: “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.

“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.”

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