This beta feature provides a step-by-step breakdown of a member’s pension. Different explanatory information is provided if the member has experienced growth or loss; and if the member is near to retirement or not.
When scheme members look at their pension details, they often need explanatory guidance to understand what they’re looking at. Depending on their situation, the guidance they need will be different. This means a “one size fits all” approach would either contain too little explanation, or too much irrelevant explanation.
We believe that we can help members understand their pensions better by presenting them with a branching wizard that walks them through their pension breakdown. Different information is shown if they have experienced growth or loss. Also, different information is shown if they are near retirement, or not.
What we did
We are in the process of building this feature as a React web app that connects to the Smart platform via oAuth and various APIs.
This feature will be deployed as a closed beta trial with approximately 10,000 scheme members. Analytics will be captured and analysed to identify any opportunities for improvement. User feedback data will be captured via CSAT to understand how users feel about the feature.