Smart Retire

In development

Making retirement simple

Research has found that many people are worried about running out of money or making bad choices as they approach retirement age. Others don't understand the options that are available to them when they access their pension savings.

Smart Retire is a clear, simple way for members to plan what to do with their pension savings and gives them the flexibility to manage their money in retirement.

Smart Retire - Screenshot of App

How Smart Retire works

Smart Retire has been designed to guide members through the complexity of decision making in retirement. Users will be able to access a range of retirement options to meet their individual needs, so they can manage their retirement finances in a simple, convenient way. Smart Retire does the heavy lifting for users – helping them allocate their pension savings to achieve their desired retirement outcome.

One of the key parts of Smart Retire is the ability for members to manage their money through the interactive retirement dashboard, which uses up to four purpose built "pots".

Flexible income pot

A regular income in early retirement

Members can take a flexible, regular income from this pot. They can change the amount they receive each month to suit their circumstances.

Later life pot

Keep money aside for later life

By setting money aside for the later part of retirement, savings have more chance to grow. Members can use this pot to buy an annuity, so they know their pension savings won't run out.

Rainy day pot

Savings for life's unplanned expenses

This low risk pot is a place for members to keep money they might need in for one-off expenses – such as a boiler breakdown, or the holiday of a lifetime.

Inheritance pot

Leave an inheritance to your family or friends

The money in this pot can be set aside for a member to leave to their loved ones or a cause they believe in. We'll try to grow it in the mean time, so they can leave as much as possible.

Life changes

We know life can change, so Smart Retire members can change how they use the pots throughout retirement, or choose not to use a pot at all. We focus on what the money will be used for and how long it is likely to last – while providing education on how the underlying investment can help members achieve the results they're looking for.

Smart Retire will comply with the FCA Investment Pathways framework, following the FCA's Retirement Outcomes Review.

In development

To start with, Smart Retire will be available to Smart Pension users over 55 years old. To find out more about using Smart Retire for your employees, scheme or platform, get in touch below.

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