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Understanding and engaging with pensions can often feel overwhelming or distant for many people. Research from the Department for Work and Pensions1 highlights that members’ attitudes towards their pensions are frequently shaped by feelings of detachment, complacency, or even apprehension. Younger members tend to see retirement as a distant event, while older members and those with dependants often want to feel more informed and in control. What is clear is that people need a meaningful reason to engage with their pension information, along with simple, frictionless access to it.
The Mercer Master Trust (MMT) has redesigned Mercer Money to provide personalised, relevant experiences that meet members where they are on their journey, helping them feel confident and able to take positive steps towards their retirement goals.
Tailored dashboards for every stage of the retirement journey
The new life stages functionality provides three distinct dashboard versions, each designed to support members with relevant tools and insights aligned to their age and career phase:
- Early career (up to age 34): This dashboard focuses on helping members understand pension fundamentals. It enables them to review contributions, see where savings are invested, connect other pensions, view the projected impact of contribution changes, and register for educational sessions. The aim is to give younger members the knowledge and confidence to take control of their retirement planning early.
- Mid-career (ages 35 to 44): At this stage, the dashboard encourages members to see the bigger picture. It supports consolidation of pension savings, connection of other pension pots via open finance, and use of the retirement planner tool. This holistic approach helps members make informed decisions as they progress through their careers.
- Pre-retirement (age 45+): For members approaching retirement, the dashboard focuses on preparation and planning. It highlights Mercer Retirement Services, offers access to Mercer’s digital retirement planning and advice service, and promotes use of the retirement planner tool to help members take concrete steps towards securing their future.
An engaging approach, but does it work?
Yes, it does. Since the introduction of the life stages dashboards, engagement has been strong. In just three months since launch, more than 23,000 members visited the retirement planner, with a 17% increase in members visiting five or more times. Members spend approximately a quarter of their session time on the planner, indicating that repeat visits represent meaningful opportunities for action and understanding. Notably, 10,000 of these engaged members are aged 45 and over, underscoring the importance of segmented support as retirement approaches.
Tim Stannard, Senior Product Owner, Mercer Master Trust, explains: “Functionality only matters if it drives positive action. Our goal is to remove barriers and make it simple for members to improve their retirement outcomes. By using data and deep member insights, we designed life stage dashboards that guide members to the right choices at the right time. Retirement decisions aren’t one-size-fits-all. Our long-term vision is to use data to deliver true hyper-personalisation, shrinking cohorts until we reach the individual member”
By personalising the retirement journey at every life stage, the MMT empowers members to confidently take control of their financial futures. This tailored approach not only enhances engagement but also lays the foundation for greater financial security for all its members.
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1 Understanding member engagement with workplace pensions – GOV.UK
