Members of the De Beers Pension Fund’s defined benefit section had a problem… it was difficult to predict their pension at retirement without having to go to HR each time, to request a quote. This idea came to me in the middle of the night – a manual calculator made of two cardboard wheels that can show estimated pensions, based on years’ service, age and whether the member takes a cash lump sum. The client loved it – and so did HR and fund members.
Actuarial formulae had to be translated into a paper calculator, with illustrations to make finding the correct information, easier.
Fund members thinking about retirement, as well as HR officials at the various mine operations