Fully online self-serve retirements
Treat your pension scheme members to a true, end-to-end self-serve retirement journey.
Let them take full control of their retirement options and automatically put their pension into payment.
What is a self-serve retirement process?
It’s a quick and easy online feature that allows pension scheme members to produce multiple quotes, choose their retirement options, and instigate the transition to pensioner status.
When they’re ready to retire, they can complete the whole end-to-end process through IntelliPen’s online member portal.
IntelliPen puts a member’s retirement into payment and converts them to pensioner status by automatically:
- calculating payments and lump sums
- disinvesting any additional voluntary contributions (AVCs) they may have
- checking and verifying their identity
- scheduling payment dates
- initiating and paying out their chosen settlement
BTPS member: “That was the best service ever. From deciding to take my pension to receiving the money it was so fast and efficient. Whoever is behind this should be extremely proud. It was a fantastic service.”
No paperwork to print and sign.
No ID to post.
No administrator support.
To complete an online retirement, your members need a current form of government-issued photo identification, like a valid passport or driving licence, and a mobile phone or tablet with a camera.
1. Create a quote and check the details
When a member has created an online quote that they’re happy with they need to carefully check that it covers everything they want it to, and then confirm they want to proceed with the online
retirement process.
2. Declare other pensions
Members must provide information about any money they’ve already taken, or plan to take, from other pensions so that the Scheme can check against their lump sum allowances.
3. Confirm personal details
The member portal automatically checks and validates bank details. However, before continuing through the retirement process, members must carefully check that all their personal details are correct.
4. Automated ID&V process
They’re asked to take a picture of their photo ID and a selfie, and then upload the images. IntelliPen and Onfido automatically does the rest. The AI-powered technology checks that the ID is genuine and not fraudulent.
5. Put the retirement settlement into payment
Finally, members confirm the details they’ve provided in this process are correct before committing to their retirement option.
If they’ve made a mistake or want to change anything, they can click the edit button before making the final submission.
How we combat cyber-security and fraud threats
We’ve partnered with Onfido, a global leader in AI-powered digital identity technology to protect members’ data and identities and to prevent fraud.
Unlike other systems, this is how IntelliPen lets your members complete the retirement application process from end-to-end themselves.
Onfido’s ID&V solution is embedded into IntelliPen’s online retirement function. It automatically checks and validates personal data so that a retirement submission can be completed securely and without support from your administrators.
The solution also supports overseas members by referencing international regulations to meet global compliance requirements and identity standards.
The benefits of self-serve retirements
In February 2024, Brightwell, the primary service provider to the BT Pension Scheme (BTPS), launched a fully online self-serve retirement journey for BTPS members using IntelliPen.
In just 6 months, they’ve seen exceptional member engagement and feedback while administrator effort has noticeably fallen.
How has the self-serve experience taken the strain out of the retirement process for administrators and members?
Read our Performance Study and share it with your colleagues.
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We promise you won’t get put on a sales list and bombarded with future emails or calls.
Give your members the gift of self-serve retirements