The last piece of the retirement planning jigsaw

Our latest feature update

At Smart Pension, we believe in the power of technology to solve complex problems and make things easier for our members. We’ve just updated our pension calculator, not only so that our members have a better understanding of their pension savings, but also so that they can take immediate action to help them save towards a comfortable retirement.

How do people know if they are saving enough?

Most savers are unaware of whether they are saving enough for retirement. Whilst many know that they need to take responsibility for their financial future, they don’t have the knowledge or tools to be able to do that. It’s no wonder that they are frozen by inaction, not knowing what steps to take or how much to contribute. 

The challenge is two-fold – most people don’t know if they’re saving enough, and even if they do, taking action on that information isn’t always straightforward.

At Smart Pension, we want to remove the barriers which prevent savers from making informed decisions, and help them feel confident about their future.

Using technology to empower savers

We’re very lucky to have proprietary technology, something we believe is a great asset. Because of this, we are rapidly able to deliver change which meets the evolving needs of our members in a seamless and real-time way, providing our members with the power to make immediate changes to their pension contributions – right there and then, within their account.

The improvements to our pension calculator have been designed with the Fogg Behavioural Model – which articulates the need to bring motivation, ability and a prompt to drive action together – in mind. The calculator doesn’t just provide information, it empowers users to make changes to their pension contributions on the spot. 

This behavioural science approach is key to helping members make the right decision for their retirement, without overcomplicating the process.

Making these changes started with a two-week design sprint. Our agile, multidisciplinary team,  including pension experts, UX designers, engineers, and communications specialists worked together to build and refine the tool. The iterative process ensures that the final product is intuitive, user-friendly, and aligned with our mission of leaving no saver behind in their retirement planning and saving.

As we worked through design and testing, we kept our focus on providing a visible, valuable experience for members. We understand that any new tool or feature must be meaningful but also easy to use, and this was reflected in its integration into the Smart Pension member app. We look forward to continuing to iterate the calculator, driving more impactful change from data insights and direct member feedback. 

The power of real-time action

As retirement planning continues to shift and evolve, tools like these help members navigate a complex system and feel more confident in the choices they make. By linking directly to the members’ retirement savings, the pension calculator gives them the opportunity to adjust their contribution levels instantly – no waiting, no forms to fill out or paper to post. This real-time action is the missing piece in the retirement planning jigsaw.

Look out for more feature updates from us soon, and if you're a Smart Pension member, why not try the pension calculator today.

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