Two fifths (38%) of pre-retired defined benefit members do not feel confident about planning their retirement, a new report from Just Group has revealed.
Meanwhile, 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 communication from their scheme provider.
The findings form part of Just Group’s new member insight report ‘Tuning into Member Needs’ which seeks to gain a clear understanding of the help DB members feel they need and want, gaps in their knowledge and where they feel they need more help.
Laura Pertile, director of operations and member services, defined benefit solutions at 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.
“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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