The greatest inventions of all time solve problems for people. The wheel, optical lenses and the compass are all tools that help us get around more efficiently, enable us to see where we are going and help to prevent us from getting lost. These inventions solve big problems in a simple and effective way which is what we aim to do with our member portal. The only way to understand the problems that people face is to talk to them, and that’s exactly what we have been doing.
Our team of UX experts spend time talking to members so that they can design great solutions to their problems. This blog will talk you through the problems we have uncovered so far and how our member solution will address these.
Members of all ages told us that retirement is an abstract concept. The Local Pensions Partnership Administration in their 'Life is for Living' research surveyed over 12,000 participants to understand what retirement means to people of different ages.
Through our own research and engagement with members, we have identified a gap between a member’s idea of retirement and how they will be able to achieve that financially. We aren’t the only ones to identify this problem either - the Pensions and Lifetime Savings Association (PLSA) also found this and has issued 'Retirement Living Standards' to help give members a sense of what they might need in retirement.
At Heywood Pension Technologies, our member portal will empower members by allowing them to understand in real terms what their ‘ideal’ retirement will cost them and show how close they are to achieving it. Our retirement planner will take members on a journey, drawing on the PLSA’s retirement living standards to help members set accurate and realistic retirement goals. Members can use either pre-set values or tailored figures based on their lifestyle to calculate their desired retirement income and save this as a retirement goal. We then use the data we hold in our powerful calculations engine to give them a projection of their pension at retirement to allow comparison of this to their retirement goal. This will allow the member to see whether their current pension will enable them to live as they wish and make any adjustments that might be required.
There is no one-size-fits-all approach when it comes to pensions and there are a number of factors to consider when it comes to taking your pension. Most people have more than one pension to consider and our comprehensive modelling capabilities enable members to include other sources of income in their retirement planning, alongside the pension data we hold. This will allow a member to view all of their possible retirement income in a single place to aid their financial decision-making.
Our aim is to create an informed and empowered membership base, meaning members have the confidence to self-serve their pension online and create better outcomes for themselves and their pensions. An empowered and informed membership means less work for funds in supporting the ‘average’ member and more resources to spend on complex cases.
Just like the wheel, optical lenses and the compass, the tools on our member platform allow members to see where they are heading in retirement and reduce the risk of them getting lost along the way.