Retirement planner
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This beta feature is for scheme members who are decades away from retirement and need a rough guide to their projected retirement income - without getting stuck on technical details like tax efficiency or types of decumulation. It asks them a short, simple series of questions and takes into consideration any other pensions, incomes and savings they might have.
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Imagery is work-in-progress. The final product may be different.
The challenge
Many scheme members don’t know how to do long term modelling, so they don’t have a clear idea of what their income will be in retirement. Their options include hiring a financial adviser or setting up complicated spreadsheets, which is not ideal for many people.
The hypothesis
We believe that a guided wizard will be a fast and effective way to glean information from scheme members and help them model their retirement income. This tool is intended for people who are decades away from retirement, and therefore don’t need to concern themselves with technical details like tax efficiency.
What we did
We are in the process of building a React web app that members can sign-in to using oAuth. Live pension data will be taken from the platform using the Smart Pension API and combined with the responses they give to a handful of questions. This will then be run into an SMPI calculator, allowing us to show their projected income in retirement. The model will include other DC and DB pensions, and other sources of income, ensuring that it gives them a full model of their financial life.
What next
Once built, this feature will be run through user research, iterated and then deployed in a closed beta trial to approximately 10,000 scheme members.
More beta features
Now testing
Animated pension walkthrough
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Gives members an overview of their pension figures, with a voice-over and fun graphics.
Now testing
Coming soon
Animated pension walkthrough
Gives members an overview of their pension figures, with a voice-over and fun graphics.
Now testing
Expression of wish
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Lets members choose who gets their pension if they die, and briefly explains how the law works in the UK.
Now testing
Coming soon
Expression of wish
Lets members choose who gets their pension if they die, and briefly explains how the law works in the UK.
Now testing
Branching pension walkthrough
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Shows members a breakdown of their pension in small bite-sized chunks using branching logic.
Now testing
Coming soon
Branching pension walkthrough
Shows members a breakdown of their pension in small bite-sized chunks using branching logic.
Now testing
Sign in helper
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Helps members sign in to their pension accounts if they’ve forgotten their credentials.
Now testing
Coming soon
Sign in helper
Helps members sign in to their pension accounts if they’ve forgotten their credentials.