9 Nov 2020
A fifth of DB members value their pension security more due to the pandemic
New research from Legal & General finds that those with a Defined Benefit (DB) pension scheme are valuing the security of their pension more following the coronavirus pandemic.
Legal & General conducted the survey of grandparents and parents across the UK looking at how Covid-19 had made them think differently about their finances. The findings show that one in five (21 per cent) of respondents with a DB pension scheme value the security of their pension more due to the pandemic. This is a third more than those with a Defined Contribution (DC) pension (15 per cent).
The findings also show that one in 10 (10 per cent) of respondents with a DB pension said the security of their pension income has made them more likely to gift or loan money to loved ones as part of their retirement plans amid the pandemic, which is twice as likely as Defined Contribution (DC) scheme member respondents (five percent).
There are over 10 million members of DB schemes across the UKi and the security of their pension doesn’t just impact them, it affects their families too. Pension security can be a fundamental part of financial planning for families, which has concerned many during the lockdown.
The events of this year have led to uncertainty for many and, understandably, more people are thinking about their pension income in retirement and how it will affect their loved ones. Millions rely on their pensions to provide them with a comfortable retirement, and our latest research highlights how many now value the security of their pension more than before.
We’re pleased to be able to help provide reassurance and security to Scheme members with our Pension Risk Transfer (PRT) offering and are proud of the excellent customer service provided to all members we look after.
Laura Mason, Chief Executive Officer, Legal & General Retirement Institutional
For further information, please contact:
PR & Communications Director, Legal & General Retirement Institutional
DB/Final Salary pension schemes de-risking -buy-ins, buy-outs, longevity insurance
Alternative de-risking solutions – APP, ISS
Pension scheme administration
(UK, USA, Canada, Bermuda and Ireland)