Providing Transparency & Education for Employee Pension Plans
Sales tool used for client to close deals to small-medium sized businesses
Product Design
Prototyping
At a Glance
Made an interactive and educational experience through a financial web-app that allows employees to get an understanding of their pension plan and earnings at a glance. Allowing employees to build different retirement scenarios and explore their long-term options ahead of time with more clarity.
The Problem
Pensions are hard to understand and calculate. To make matters worse, it’s not an immediate benefit, leaving many confused about how their pensions work and how their career choices have an impact on their future pension earnings. PensionBar came to us with a need to present a tool that not only educates users, but also helps them make this process more clear and transparent.
The Solution
We designed a visual and interactive experience and financial calculator that allows users to view their retirement benefits and plans, get an idea of what payouts they can expect, and create a customized plan for themselves by visualizing different scenarios and how they would impact their retirement earnings. We used a mix of interactive components along with inputs to make this both a learning and informative experience.
Users can create multiple different scenarios to compare their options when it comes to a lifetime recurring income they can receive as well as a lump sum amount.
The app also educates users on how transferring their balance between a flexible and secure account makes a difference in their pension earnings.
Research
For this project, we did extensive market research and tried similar tools. Stats show that about 40% of people in the US aren't sure about their pension plans and what incomes they can expect. We knew it was important to make this tool informative and interactive to prevent it simply being a calculator type of application.
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