Tools: Figma
Managing pension plans is tiring, costly and inefficient:
To manage one’s pension, one needs to either remember all pension providers they had plans with throughout their life, or consolidate into one pot, which usually implies a fee
Consolidating all pension plans isn’t always possible (especially the ones with the person’s current employer)
There is a need for a tool that would provide a summary view and a comparison, all in one place (similar to Open Banking)
UK government offers a free tracing service, but only for the purposes of retrieving contact details of providers
A tool showing your pension plans in one place
Collects data from various pension plans
Uses Digital Trust for identity verification
No need to log in to various providers
No need to pay fees for consolidating pension plans to better manage your pensions
Real life comparison of your existing savings
£19.5bn of Pension funds unclaimed in the UK
1 in 25 people consider telling their pension provider when they move home
The average person will have 11 jobs in their lifetime
30-35 years old
Employed or self employed
More than one pension plans
The product idea is to use the Santander Digital Trust protocol, built on top of OpenID open-source technology. This technology allows to authenticate users safely and securely without compromising privacy.
Finally, a prototype was built using Figma, following a hypothetical scenario of somebody trying to consolidate their pensions.
This resulted in a third place for me and some cool swag I still proudly wear!