Two master trusts have launched support services for their members in the run-up to retirement as the industry’s attention is shifting to the at- and post-retirement stages of the pension journey.
Smart Pension and People’s Pension have launched new retirement support services this month to give members more guidance before accessing their pensions.
Smart Pension, which serves more than 1.5 million members, has launched a guided retirement journey through its Smart Retire solution, it announced today (18 May). The service is designed to help members prepare earlier for retirement by bringing together digital planning tools, educational guidance, and tailored human support.
A new ‘Get retirement ready’ feature will be available through the Smart Pension app and desktop portal for members aged 45 to 55. It uses a checklist approach to help savers take practical steps while there is still time to improve retirement outcomes.
“A modern retirement is no longer a single moment at the end of someone’s career, which is why we are focused on helping savers engage [and] to support them through that journey.”
Andy Fergusson, Smart Pension
Members aged 45 and above will also be able to access Smart Pension’s retirement support team, including the option to book tailored phone conversations at times that suit them.
The provider said the launch builds on retirement capabilities introduced over the past year, including digital retirement claims, faster identity verification and expanded pension freedom options.
Smart Pension said its new service used a four-pot model, allowing savers to start accessing money while keeping their pension invested and taking an income. Savers can later move to a guaranteed income if they choose.
Andy Fergusson, proposition manager at Smart Pension, said: “A modern retirement is no longer a single moment at the end of someone’s career, which is why we are focused on helping savers engage with their pension in their 40s and 50s to support them through that journey.
“For many savers, these are the years where earnings may be higher, financial priorities begin to shift, and retirement starts to feel more immediate, creating an important opportunity to review contributions, understand available tax benefits and make more informed long-term decisions.”
People’s to provide annuity guidance
Meanwhile, People’s Pension has launched a new annuity guidance service for members aged over 55, in partnership with Retirement Line.
The service will offer free-to-use enhanced support for members who are considering buying an annuity, including help completing health questionnaires so they can be assessed for enhanced or impaired rates.
People’s Pension, which has more than seven million members and £40bn in assets, said the service is part of a wider programme to improve retirement options for members.
“Employers want to know their workforce is supported, not just while they’re saving, but when they start making the big decisions that shape life after work.”
David Meliveo, People’s Pension
Kirsty Ross, proposition director for People’s Partnership, provider of People’s Pension, said: “This announcement further demonstrates our commitment to supporting members as they approach retirement, by providing clarity at a time when their choices matter most. By offering our members access to Retirement Line, People’s Pension is ensuring they receive clear guidance and personalised support.”
The launches come as the defined contribution market faces growing pressure to support members through more complex retirement decisions, particularly as automatic enrolment leads to larger pots and more savers reach retirement without access to full regulated financial advice.
David Meliveo, chief commercial officer for People’s Pension, said: “Employers want to know their workforce is supported, not just while they’re saving, but when they start making the big decisions that shape life after work. Helping people secure a reliable income in retirement is a vital part of that duty of care.”
Retirement Line said annuity demand had continued to grow. Mark Ormston, chief compliance officer at Retirement Line, said that in 2025, two-thirds of its customers opted for a lifetime annuity, with 80% of those underwritten based on health or lifestyle factors. Those consumers received, on average, 12% higher annual income compared with the highest standard annuity offered on the open market.
