Helping Members Understand Retirement Options

Case Study


Employee Characteristics:

  • Age 50-70

  • Traditionalists

  • Home Owner

  • Multiple pension pots

The Challenge:

Pension savings has changed, and more flexibility introduced in how you can take your retirement savings.  All these choices to make when approaching retirement means decisions are now more complicated. 

Our pension freedoms research showed that only 17% of companies believe their members understand pension freedoms and the same number know when then can afford to retire. 

We also found that many employees are worried about how they will spend their time once they retire and find the process overwhelming.  

Retirement is a serious subject for most people and high earners, in particular, want to ensure they can continue enjoying the lifestyle they have now.


What we did:

We created our own online tool to solve this challenge, our Retirement Options Planner.  This tool helps employees who are approaching retirement, or even just thinking about retirement, to simplify the options and understand how much money they will have in retirement.

 The tool allows employees to: 

  • view and compare the three options available (drawdown, annuity and cash-out)

  • understand when they can afford to retire

  • view how much they will get

  • get a simple view of all their pension pots. 

We often combine our Retirement Options Planner with our qualified advisers to allow your employees to experience stress free retirement decisions.


The simplicity of the options and the easy way that you key in the information is great
— HR Director about Lemonade's Retirement Options Planner

Think we can help?

 

 
 
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