The nastiest, hardest problem in finance: Decumulation debated (part 2)

Decumulation is often described as "the nastiest, hardest problem in finance" and in this second episode of our mini‑series, we turn our attention firmly to the people it matters most to: members. Host Sophie Tennison is joined by Georgia Smith, Senior Proposition Manager at Nest, Stewart Patterson, Head of Innovation at LifeSight, and Paul Davies, behavioural psychologist and founder of Behaviour Consulting, to explore how Guided Retirement could reshape the member experience at retirement. Together, they examine what it really means to introduce a default at retirement, how members might feel about a ready-made default option rather than being forced to choose, as well as how schemes should think about engagement, inertia and choice architecture across diverse memberships. The conversation tackles the opportunities and limitations of personalisation and asks what good outcomes look like from a member's perspective. A thoughtful discussion combining behavioural insight, provider experience and practical innovation - essential listening for anyone shaping the future of DC retirement.