Behind the numbers: What defined benefit members really think

Defined benefit (DB) pensions have long been associated with security. But what lies behind this sense of security often receives far less attention than it should. DB pensions involve years of careful funding, investment, and governance decisions, but their value is only fully appreciated if members understand and trust their pension. When understanding is low, two important risks emerge. First, if members don’t recognise the purpose or value of what they have, they may feel unsettled during moments of change. Second, members who hold a combination of both DB and defined contribution (DC)...