As schemes mature and get closer to their long-term objective, insurers have an increasingly valuable role to play in the future of DB.

To meet both the rising demand for insurance, and responding to increased use of member options, insurers are becoming increasingly innovative in the solutions they can offer to schemes.

Part one of our "Evolution of member options" series explored how member options could be used as a powerful lever to help settle liabilities sooner and more cost effectively, whilst improving member outcomes. This in turn will accelerate schemes’ journeys to their long-term objective, with almost half (47%) of schemes aiming to secure members’ benefits within the insurance regime.

In part two we looked at why a well-functioning financial advice market is key to members engaging in their choices and making quality retirement decisions.

In the final part in our series, we look at recent innovations in the insurance market to help schemes benefit from member options. We also give views on how we expect the insurance market to continue to develop to best serve the demand for member options from members and trustees. Finally, we provide some actions for trustees who are considering insurance to ensure they are well placed to benefit from member options.