The Peoples’ Pension could see that as members approached retirement, they grew more and more confused about their options. Many members seemed to have great difficulty deciding on their best course of action. Two key questions seemed to be particular stumbling blocks: the effect of withdrawing funds from their pension pot; and how long they were likely to live.
Better understanding of the key issues would help all TPP members make better-informed choices about how to manage their pensions. And appropriate tools would be the perfect way to provide that understanding.
But it was important to know that membership of TPP comes from the widest possible cross-section of society. And that means catering for people with low levels of financial literacy – those who’ve shown little interest in the practicalities of pensions. For these tools to work, they’d need to be easy to use and to present data in a really accessible way.
Following a focussed discovery phase with The Peoples’ Pension, we set about designing three simple tools for their members:
As the project moved into its design phase, built-in user testing allowed us to evaluate the efficacy of the tools, with all learnings incorporated into their development.
Naturally, we also built all the tools to be fully responsive, so they’d work just as well on mobile as on desktop. Once the tools were tested and ready for release, we added them seamlessly into the client’s existing CMS. Deployment went smoothly, and uptake of the tools has been consistently high ever since – allowing every generation of TPP retirees to make better decisions about their own pensions.
