Country for PR: United Kingdom
Contributor: PR Newswire Europe
Tuesday, December 08 2020 - 06:35
One third of Australians approaching retirement have never received any advice reveals Smart
LONDON, Dec. 8, 2020 /PRNewswire-AsiaNet/ --

YouGov research: One third of respondents - and one quarter of those over 55 - 
said that they did not understand the retirement finance options available to 
them well 

- Financial advisors (53%), Superannuation funds (50%) or government websites 
(41%) are the places most people would expect to get advice 

- However, these sources do not appear to live up to expectations. When asked 
where they had received the most useful advice, 29% of 55+ respondents said 
financial advisors and only 16% mentioned their superannuation fund

- Smart Retire guides users through retirement, giving them the confidence to 
make informed decisions through a simple pot solution

New research commissioned by global retirement technology provider, Smart, 
carried out by YouGov, has found that an astounding 34% of Australians aged 55+ 
(38% aged 45-55) have never received any advice on retirement.  The research 
also found that two thirds (66%) of respondents consider online tools important 
when planning for their retirement, with 30% feeling that following the covid 
pandemic, managing retirement finances online was more important than before.

The news comes as Smart, which now manages almost AUS $2.7bn of assets, 
launches Smart Retire (, an innovative product that 
gives people flexibility to plan and manage retirement savings in a 
personalised way. Flexibility in retirement is increasingly important as one 
third of savers expect to continue to work part time during retirement and will 
need the opportunity to flex their income as necessary.

Will Wynne, Group Managing Director, Smart, said: 

"Retirement is complex and we know people need help if they are to make the 
most of their savings. That's why we've invested tens of thousands of hours 
conducting research, testing and developing our new Smart Retire technology 
solution which gives people flexibility and control, while guiding them through 
important decisions to ensure they are using their money in the right way. 
Importantly our approach, which helps people navigate their retirement options, 
bridges the advice gap while empowering people to make the most of their 
retirement savings."

Smart Retire

Smart Retire guides members through the complexities in the run up to 
retirement, filling the so-called 'advice gap' through guidance rather than 
often expensive advice. Members can use this solution in conjunction with 
personalised advice from a professional.  

Designed by Smart's in-house research and UX team, Smart Retire has been built 
to be as flexible as possible, allowing users to scenario plan and change their 
retirement strategy as required. 

Built with a 'four pots' model, based on user research, Smart Retire 
accommodates life's unpredictability and ensures users avoid both 
under-spending and running out of money in their retirement.

Of the four pots, two are income pots:

Flexible income pot - monthly income in the early years of retirement 
Later life pot - leave money invested to buy a guaranteed income from an 
annuity provider later on in retirement 

And two savings pots:

Rainy day pot - dip in to this pot for emergencies 
Inheritance pot - put money aside to leave to a loved one 

Interestingly, Smart's user research shows that the inheritance pot isn't 
required by Australian  retirees, with property being the preferred method of 
transferring wealth - this has been further supported by the findings from the 
Retirement Income Review. 

The output of Smart's research will initially see the solution configured to 
three 'buckets' for the Australian market (Flexible income, Later years and 
Buffer), and will also incorporate the Age Pension, providing members with a 
single view of their retirement and giving them confidence to plan and spend 

Through the development of the roadmap, there will be a greater focus on 
non-super assets such as housing wealth, to ensure that Australian's are 
equipped with the ability to maximise their retirement income.

Mark Vaughan, Managing Director of financial services consulting firm, QMV, 

"QMV is excited to see innovation and international perspectives enter the 
market, providing opportunities for helping members to gain cost effective 
access to self-service retirement planning tools. This is particularly relevant 
given the recent release of the Retirement Incomes Review report and continued 
focus on superannuation policy settings."

Smart Retire will initially be available to members of the Smart Pension Master 
Trust in the UK with it being rolled out globally in 2021. 

Recognising that consumers have long enjoyed technology advancements in 
banking, payments and investments, Smart's global mission is to transform 
pensions savings and financial well-being across all generations around the 
world through technology, and bring the pensions sector into the 21st century. 

Notes to editor: 

Smart's research, carried out among 6,000 people across the UK, USA, and 
Australia, shows millions of people coming up to retirement across the globe 
are crying out for technology to solve these problems.

About Smart:

Smart is a global savings and investments technology platform provider, 
co-founded in 2014 by Andrew Evans, Group CEO, and Will Wynne, Group MD. Link 
Group, Legal & General Investment Management (LGIM), J.P. Morgan, Natixis 
Investment Managers and Barclays are all strategic investors in Smart. 

The Smart platform powers the award-winning master trust, Smart Pension Master 
Trust. Launched in 2015, the Smart Pension Master Trust has grown from £100 
million in AUM to £1.5 billion in two years. It is overseen by independent 
professional trustees and regulated by The Pensions Regulator. Smart Pension is 
a signatory of the UN Principles of Responsible Investing (PRI). 

Visit  for more information.

Source:  Smart