UK Pension Professionals Back 'Flex Then Fix' as the Retirement Model of the Next Decade

What 200 Pension Professionals Just Said About Retirement

The Society of Pension Professionals (SPP) has published polling from its 'Death of the DC Flight Path' event, held this week and attended by around 200 pension professionals. The results offer a snapshot of how the UK pensions industry expects retirement to be delivered over the next decade — and the picture is markedly different from the model that has dominated defined contribution (DC) schemes for years.

That traditional model was simple: as a member approached retirement, the scheme steadily reduced investment risk, and at retirement the accumulated pot was converted into an annuity — a guaranteed income for life. The SPP's framing suggests this flight path no longer fits modern retirement, where members may spend two or three decades drawing on their savings rather than converting them in a single transaction. The Pension Schemes Act 2026 and the emergence of guided retirement solutions are pushing schemes to redesign default investment pathways so they support members not just up to retirement, but through it.

Asked which retirement solutions will be most popular in ten years' time, 49% of attendees chose 'flex then fix' — an approach that pairs flexibility in the early years of retirement with greater security later. Income drawdown and Retirement CDC were tied at 21% each, while only 3% picked annuities and 6% chose 'something else'.

A second question asked what matters most in delivering better member outcomes. Respondents split roughly three ways, with 32% selecting better investment and income solutions. Dilara Uyduran, a Chartered Financial Planner at Hymans Robertson Personal Wealth who chaired the event, said the results show retirement thinking is evolving and that the popularity of flex then fix reflects an appetite for balancing flexibility with security. She added that better outcomes cannot come from investment strategies alone, and called for investment and income solutions to be combined with accessible expert support and holistic retirement planning.

Why the DC Flight Path Is Being Redrawn — and Who Moves First

What 'Flex Then Fix' Actually Signals

The headline number — 49% for flex then fix — is less a product forecast than a statement about where the industry believes risk should sit. The old DC flight path concentrated a member's entire retirement outcome into a single decision at the point of retirement, usually an annuity purchase. Flex then fix spreads that decision over time: drawdown-style flexibility first, then a secured income later. For schemes, that means default pathways must be designed to run for decades after the retirement date, not stop at it. The Pension Schemes Act 2026 is the regulatory trigger the SPP cites, and guided retirement solutions are the delivery mechanism now being built around it.

Why Annuities Register at Just 3%

The 3% annuity score is the most striking figure in the poll, but it should be read carefully. It reflects what professionals expect to be popular, not what they think is appropriate in every case. Annuities retain a role in securing baseline income — which is precisely what the 'fix' element of flex then fix implies. The more defensible reading is that the standalone, single-purchase annuity at retirement is what the industry considers to be fading, not guaranteed income as a concept. Providers with large annuity books should treat the result as a signal about distribution and timing rather than outright demand destruction.

The Three-Way Split on Member Outcomes

That respondents divided roughly three ways on what matters most — with better investment and income solutions taking 32% — is arguably more consequential than the solution ranking. It means the industry does not believe any single lever delivers good outcomes. Uyduran's comment makes the same point explicitly: investment and income solutions, accessible expert support and holistic retirement planning are presented as a package. For schemes, that points toward bundled default propositions that include advice or guidance, not just a fund range. For advisers, it suggests the value proposition shifts from product selection toward ongoing retirement planning through decumulation.

Reading the Poll's Limits

This is a poll of around 200 attendees at a single SPP event — a self-selected group of engaged pension professionals, not a representative sample of the industry or of employers. The results are best treated as a directional sentiment indicator rather than a forecast. The absence of a stated margin of error or full methodology in the published material means the precise percentages should not be over-interpreted. What the poll does reliably show is that the professionals closest to scheme design expect decumulation — not accumulation — to be the next competitive battleground.

Where the Competitive Pressure Lands

If flex then fix becomes the default expectation, the pressure falls on three groups. Master trusts and large DC schemes will need default pathways with a post-retirement component, which is an operational and governance build, not just an investment decision. Insurers and platform providers will compete on how well they can combine drawdown flexibility with a credible later-life income guarantee. And advisers face a market where members arrive at retirement with a default already chosen for them, shifting the conversation from 'which product' to 'how do we manage this over 25 years'. For context, the UK's broader shift from defined benefit to DC provision has been underway for years; this poll is one data point in the resulting decumulation build-out.

What Schemes, Advisers and Providers Should Do Next

The clearest signal from this poll is that the industry expects the retirement decision to be managed over decades, not made once at the point of retirement — and that no single component is seen as sufficient to deliver good member outcomes.

For Pension Scheme Trustees and Providers (0–6 Months)

• Review whether your current default investment pathway has any post-retirement component. The SPP's framing, tied to the Pension Schemes Act 2026 and guided retirement solutions, assumes defaults should support members through retirement, not stop at it.
• Note that 49% of the professionals polled expect flex then fix to dominate in ten years. If your default ends at the retirement date, that is the gap to assess first.
• Treat the 32% figure for better investment and income solutions as a signal that bundled propositions — investment, income and support together — are where the industry expects differentiation, not fund performance alone.

For Advisers and Retirement Specialists (6–24 Months)

• The 3% annuity score suggests the standalone annuity purchase at retirement is expected to fade, while the 'fix' element of flex then fix implies guaranteed income remains part of the toolkit. Prepare for conversations about sequencing and timing rather than a single product choice.
• Uyduran's call for accessible expert support and holistic retirement planning points to ongoing decumulation advice as the durable revenue model, replacing one-off transaction advice.

For Those Reading the Poll Itself

• Weigh the sample: around 200 attendees at one SPP event, with no published margin of error. Use the results as a sentiment indicator, not a forecast.
• Watch for the SPP's follow-up work and any FCA or DWP consultation on guided retirement solutions, since the Pension Schemes Act 2026 is the stated regulatory driver behind the shift the poll describes.