Highlight the benefits of saving into a pension scheme

The Problem

People in their early careers don't pay much attention to pension schemes and are unaware of the impact their choice to contribute or not to a pension scheme has.

The Solution

Create a user friendly application which captures all the necessary details about the clients' household, their future goals and calculate the impact their pension contribution will have long term.

For this scenario we will be focusing on a millennial couple with no kids, owning a house with a standard mortgage.

The Flow

The following steps can be taken to get to the result.

1. Create a Household
2. Add all the persons in the household complete with their health status which can have an impact on their longevity
3. Add the incomes the household generates
4. Add the expenses the household incurs
5. Add all the assets the household possesses (the house they live in)
6. Setting up individual and joint goals for the persons in the household which describe the lifestyle they want to have in the future
7. Run a simulation of the household to get a forecast of the future
8. Read the results of the simulation
9. Add pension contribution and resulting pension income
10. Re-run the simulation on the updated household with the pension contribution
11. Examine and compare the results post retirement.

You can...

Change the values of the pension contribution to find the right balance within amount and benefits for the household.

Flow Breakdown

Setup and Authentication

These are necessary steps to authenticate with the API. For the users a Guest account will be used.

export CLIENT_ID=YOUR_CLIENT_ID
export CLIENT_SECRET=YOUR_CLIENT_SECRET
  
export AUTHORIZATION=`echo -n $CLIENT_ID:$CLIENT_SECRET | base64`
curl -X POST 'https://api.envizage.me/uaa/oauth/token' \
    -H "Accept: application/json" \
    -H "Authorization: Basic $AUTHORIZATION" \
    -d "grant_type=client_credentials"

The response will be a json object containing the access token for the service account. Grab the access_token from the response and create a guest user.

curl 'https://api.envizage.me/uaa/guest/login' -H "Authorization: Bearer {YOUR_ACCESS_TOKEN}<access_token>"

The response will contain the access token for the newly created guest user.

{
    "token": {
        "accessToken":"<GUEST_ACCESS_TOKEN>",
        "tokenType":"bearer",
        "refreshToken":"<GUEST_REFRESH_TOKEN>",
        "expiresIn":899
    }
}

Save the accessToken and use it in all subsequent requests.

With the Setup done, follow the business flow.

1. Create a Household

A household is a family, a person or a group of persons sharing an account which consolidates multiple financial items.

We will create a household named "My Household"

curl -X POST \
  https://api.envizage.me/households \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>' \
  -H 'Content-Type: application/json' \
  -d '{
    "name": "My household"
    }'

Save the 'id' from the response as you will need it in subsequent requests.

2. Add the persons to the household

2.1 Set up a primary person for the household

When a household is created, a primary person is also created. To set the correct values for the person, it has to be updated with the correct values.

The presence of the primary person is mandatory. She/he is the person who the agent will talk to and whose life will assess.

In order to set the primary up, first we obtain the primary person, get the id.

curl -X GET \
  https://api.envizage.me/households/<household_id>/persons/primary \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>'

Next update the primary person with the desired values.

curl -X POST \
  https://api.envizage.me/households/<household_id>/persons/partner \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>' \
  -H 'Content-Type: application/json' \
  -d '{
        "name" : "Me",
        "yearOfBirth" : 1980,
        "primary" : true,
        "gender" : "MALE",
        "maritalStatus" : "MARRIED",
        "healthStatus" : "EXCELLENT",
        "jobType" : "ACTIVE",
        "expectedRetirementAge" : 67
      }'

2.2 Add a partner to the primary person

We will simulate a 2 persons household and will.

Envizage currently supports single person and two person households with or without children.

To add a partner to the primary person, execute the following command:

curl -X POST \
  https://api.envizage.me/households/<household_id>/persons/partner \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>' \
  -H 'Content-Type: application/json' \
  -d '{
        "name" : "Anne",
        "lastName" : "Smith",
        "yearOfBirth" : 1980,
        "primary" : false,
        "gender" : "FEMALE",
        "maritalStatus" : "MARRIED",
        "healthStatus" : "EXCELLENT",
        "jobType" : "ACTIVE",
        "expectedRetirementAge" : 67
    }'

3. Add the income the household generates

In this scenario both persons are employed full time and have an annual income. The following two calls, will set up an annual income (salary) for each person.

The primary person's income:

curl -X POST \
  https://api.envizage.me/households/<household_id>/incomes/earned \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>' \
  -H 'Content-Type: application/json' \
  -d '{
  "name" : "My earned income",
  "frequency" : "ANNUALLY",
  "amount" : 40000.0,
  "currency" : "GBP",
  "startDate" : "2019-01-01T00:00:00Z",
  "startsOn" : "USER_DEFINED",
  "endDate" : "2040-01-01T00:00:00Z",
  "endsOn" : "ON_RETIREMENT",
  "growthRate" : "CALCULATED"
}'

Partner's income:

curl -X POST \
  https://api.envizage.me/households/<household_id>/persons/<partner_id>/incomes/earned \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>' \
  -H 'Content-Type: application/json' \
  -d '{
  "name" : "My partner'\''s earned income",
  "frequency" : "ANNUALLY",
  "amount" : 20000.0,
  "currency" : "GBP",
  "startDate" : "2019-01-01T00:00:00Z",
  "startsOn" : "USER_DEFINED",
  "endDate" : "2040-01-01T00:00:00Z",
  "endsOn" : "ON_RETIREMENT",
  "growthRate" : "CALCULATED"
}'

4. Add the expenses the household incur

Every household has expenses. Although Envizage allows all types of granularity, from our experience we found that people know their estimated monthly expenses best. The following call sets up a monthly living expense entry which covers everything from rent to restaurants. This is roughly how much the couple spends roughly in a month.

curl -X POST \
  https://api.envizage.me/households/<household_id>/expenses/living \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>' \
  -H 'Content-Type: application/json' \
  -d '{
  "name" : "My living expense",
  "frequency" : "MONTHLY",
  "amount" : 2900,
  "currency" : "GBP",
  "startDate" : "2019-01-01T00:00:00Z",
  "startsOn" : "USER_DEFINED",
  "endDate" : "2019-01-01T00:00:00Z",
  "endsOn" : "ON_DEATH",
  "growthRate" : "CALCULATED",
  "nonDiscretionaryPercentage" : 0.75,
  "survivorAdjustmentPercentage" : 0.75
}'

5. Add the residential property and mortgage

The partners are new homeowners and live in their property. The property also has a mortgage attached to it.

5.1 Add the primary residential property

Primary means, that the couple lives in it.

curl -X POST \
  https://api.envizage.me/households/{householdId}/cbf165f7bb6ac0013a5a537/assets/properties/residential/ \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>' \
  -H 'content-type: application/json;charset=UTF-8' \
  -d '{
    "source": "manual entry",
    "value": 500000,
    "primary": true,
    "currency": "GBP",
    "country": "UK",
    "valuationDate": "2019-04-17T15:59:43.278Z",
    "name": "House"
}'

Save the returned ID of the newly created property, because we need to use it when attaching a mortgage to it.

5.2 Add the mortgage to the property

curl -X POST \
  https://api.envizage.me/households/{householdId}/cbf165f7bb6ac0013a5a537/liabilities/mortgages/ \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>' \
  -H 'content-type: application/json;charset=UTF-8' \
  -d '{
    "amount": 350000,
    "balanceAmount": 0,
    "currency": "GBP",
    "startDate": "2019-04-17T16:05:30.729Z",
    "endDate": "2045-04-17T16:05:30.729Z",
    "balanceDate": "2019-04-17T16:05:30.730Z",
    "fixedRateValue": 0.03,
    "fixedRate": true,
    "interestOnly": false,
    "variableRateSpread": 0,
    "variableRateIndex": 0,
    "propertyAssetId": "<PROPERTY_ID>",
    "name": "Mortgage"
}'

6. Setting up goals

Goals are the key milestones in a household’s future plans. They represent the major aspirations of the household, and may vary over time.

6.1 Create Retirement goals

For the simulation to be effective, retirement needs to be taken into consideration. We will create the retirement goal for the primary person.

To set the correct year for retirement, we will simply add the desired retirement age to the year of birth.

For the primary this will be 1980 + 67 = 2047.

curl -X POST \
  https://api.envizage.me/households/{householdId}/cb4acbefca5820013e16f5d/goals/typed \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>' \
  -H 'Content-Type: application/json' \
  -d '{
  "name": "Retirement",
  "type": "RETIREMENT",
  "minimumAmount": 0,
  "desiredAmount": 0,
  "currency": "USD",
  "startDate": "2048-01-01T00:00:00Z",
  "endDate": "2048-01-01T00:00:00Z",
  "frequency": "ONE_OFF",
  "priority": 5,
  "properties": {
    "percentageOfPreRetirementSpendAfterFirst10Years": 1,
    "percentageOfPreRetirementSpendFirst10Years": 1,
    "percentageOfSurvivorExpenditureSpend": 1,
    "tradeDownDate": "2047-01-01T00:00:00Z",
    "tradeDownHouse": false,
    "tradeDownNewHousePercentage": 1
  }
}'

There are several types of goal which all have a financial impact on the household, but we will omit those for brevity.

7. Run the simulation and check the outcome

We are ready to see what the future looks like for this household. To do this, a simulation will be run for this household. This is called a scenario.

Whenever a household is created, a scenario is also created and this household is made part of it. To run the simulation, we need to know which scenario we are running.

7.1 Obtain the scenario id

Let's obtain the scenario id with the following call:

curl -X GET \
  https://api.envizage.me/households/<household_id>/scenario \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>'

The payload will contain the whole configuration of the scenario. We are interested only in the ID.

7.2 Execute the scenario

The following call will execute the scenario:

curl -X GET \
  https://api.envizage.me/households/<household_id>/scenario/execute/<scenario_id> \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>' \
  -H 'resultMode: REAL'

The response will be 200 OK which means that the execution was dispatched successfully.

8 Reading the results of the simulation

8.1 Query the simulation result

curl -X GET \
  https://api.envizage.me/results/<scenario_id>/achievability/goal \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>'

The result will contain all the goals (2 in our case) set up for this household and some data to work out the achievability score for each.

The following example shows the result for the goal with the id 5cb5bec7799f0100148e0105.

{
    "id": "5cb5bed5a1e2640011ddbced",
    "name": null,
    "description": null,
    "totalLives": 500,
    "totalAlive": 490,
    "totalAchieved": 248,
    "totalNotAchieved": 242,
    "goalId": "5cb5bec7799f0100148e0105"
} 

Field	Description
totalLives	The number of simulations for this household.
totalAlive	How many times the primary person was alive when reaching the goal.
totalAchieved	How many times the goal was afforded.
totalNotAchieved	How many times the household could not afford the goal.

Based on this summary of data we can draw the following conclusions:

• There is a 5% chance that the primary person will die before the year the goal is wished for
• There is slightly over 50% chance to afford the goal

There are a few factors that can influence a goal achievability in a two person household.

But let's check the timeline of the household.

8.2 Get the scenario result

The scenario result is a time series of yearly data points carrying the most common values from a yearly balance sheet.

To get the scenario result execute the following API call:

curl -X GET \
  https://api.envizage.me/results/<scenario_id>/data \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>'

The result contains both median (most probable) and grouped data.

Following is an example single data point:

{
    "TOTAL_ASSETS_SAVINGS_AND_INVESTMENTS": 3418.249245934494,
    "TOTAL_ASSETS_TAX_ADVANTAGED": 0,
    "TOTAL_ASSETS_PENSION": 0,
    "TOTAL_ASSETS_PHYSICAL_ASSETS": 0,
    "TOTAL_ASSETS_PROPERTY": 204062.83694673632,
    "LIABILITY_MORTGAGE_ON_RESIDENTIAL_PROPERTY_TOTAL": 0,
    "LIABILITY_MORTGAGE_ON_OTHER_PROPERTY_TOTAL": 0,
    "LIABILITY_OTHER_LOAN_TOTAL": 0,
    "LIABILITY_STUDENT_LOAN_TOTAL": 0,
    "AVAILABLE_NET_WORTH_TOTAL": 3418.2492459344794,
    "NET_WORTH_TOTAL": 207481.0861926708,
    "WILL_I_HAVE_MONEY": 0.988,
    "TOTAL_LIVES": 500,
    "TOTAL_ALIVE": 500
}

And following is the grouped data points:

The grouping in the example is as follows:

• 0%-30% - this band contains the worst performing 30% of the total lives which are alive in this time step
• 30%-50% - this band contains the 20% of the total lives which are alive in this time step and performed better than the previous group
• 50%-70% - this band contains the 20% of the total lives which are alive in this time step and performed better than the previous (*50%-70%) group
• 70%-100% - this band contains the 30% of the total lives which are alive in this time step and performed best

{
    "0": {
        "TOTAL_ASSETS_SAVINGS_AND_INVESTMENTS": -546949.8543955603,
        "TOTAL_ASSETS_TAX_ADVANTAGED": 0,
        "TOTAL_ASSETS_PENSION": 0,
        "TOTAL_ASSETS_PHYSICAL_ASSETS": 0,
        "TOTAL_ASSETS_PROPERTY": 0,
        "LIABILITY_MORTGAGE_ON_RESIDENTIAL_PROPERTY_TOTAL": 0,
        "LIABILITY_MORTGAGE_ON_OTHER_PROPERTY_TOTAL": 0,
        "LIABILITY_OTHER_LOAN_TOTAL": 0,
        "LIABILITY_STUDENT_LOAN_TOTAL": 0,
        "AVAILABLE_NET_WORTH_TOTAL": -546949.8543955603,
        "NET_WORTH_TOTAL": -546949.8543955603
    },
    "30": {
        "TOTAL_ASSETS_SAVINGS_AND_INVESTMENTS": 2291.304498528221,
        "TOTAL_ASSETS_TAX_ADVANTAGED": 0,
        "TOTAL_ASSETS_PENSION": 0,
        "TOTAL_ASSETS_PHYSICAL_ASSETS": 0,
        "TOTAL_ASSETS_PROPERTY": 234671.95544404644,
        "LIABILITY_MORTGAGE_ON_RESIDENTIAL_PROPERTY_TOTAL": 0,
        "LIABILITY_MORTGAGE_ON_OTHER_PROPERTY_TOTAL": 0,
        "LIABILITY_OTHER_LOAN_TOTAL": 0,
        "LIABILITY_STUDENT_LOAN_TOTAL": 0,
        "AVAILABLE_NET_WORTH_TOTAL": 2291.3044985282177,
        "NET_WORTH_TOTAL": 236963.25994257466
    },
    "50": {
        "TOTAL_ASSETS_SAVINGS_AND_INVESTMENTS": 3599.1624268574933,
        "TOTAL_ASSETS_TAX_ADVANTAGED": 0,
        "TOTAL_ASSETS_PENSION": 0,
        "TOTAL_ASSETS_PHYSICAL_ASSETS": 0,
        "TOTAL_ASSETS_PROPERTY": 245733.8991500361,
        "LIABILITY_MORTGAGE_ON_RESIDENTIAL_PROPERTY_TOTAL": 0,
        "LIABILITY_MORTGAGE_ON_OTHER_PROPERTY_TOTAL": 0,
        "LIABILITY_OTHER_LOAN_TOTAL": 0,
        "LIABILITY_STUDENT_LOAN_TOTAL": 0,
        "AVAILABLE_NET_WORTH_TOTAL": 3599.1624268574815,
        "NET_WORTH_TOTAL": 249333.06157689358
    },
    "70": {
        "TOTAL_ASSETS_SAVINGS_AND_INVESTMENTS": 3979.852620239777,
        "TOTAL_ASSETS_TAX_ADVANTAGED": 0,
        "TOTAL_ASSETS_PENSION": 0,
        "TOTAL_ASSETS_PHYSICAL_ASSETS": 0,
        "TOTAL_ASSETS_PROPERTY": 257760.34555972004,
        "LIABILITY_MORTGAGE_ON_RESIDENTIAL_PROPERTY_TOTAL": 0,
        "LIABILITY_MORTGAGE_ON_OTHER_PROPERTY_TOTAL": 0,
        "LIABILITY_OTHER_LOAN_TOTAL": 0,
        "LIABILITY_STUDENT_LOAN_TOTAL": 0,
        "AVAILABLE_NET_WORTH_TOTAL": 3979.852620239777,
        "NET_WORTH_TOTAL": 261740.1981799598
    },
    "100": {
        "TOTAL_ASSETS_SAVINGS_AND_INVESTMENTS": 6339.55303697443,
        "TOTAL_ASSETS_TAX_ADVANTAGED": 0,
        "TOTAL_ASSETS_PENSION": 0,
        "TOTAL_ASSETS_PHYSICAL_ASSETS": 0,
        "TOTAL_ASSETS_PROPERTY": 281113.15612111986,
        "LIABILITY_MORTGAGE_ON_RESIDENTIAL_PROPERTY_TOTAL": 0,
        "LIABILITY_MORTGAGE_ON_OTHER_PROPERTY_TOTAL": 0,
        "LIABILITY_OTHER_LOAN_TOTAL": 0,
        "LIABILITY_STUDENT_LOAN_TOTAL": 0,
        "AVAILABLE_NET_WORTH_TOTAL": 6339.553036974452,
        "NET_WORTH_TOTAL": 287452.7091580943
    }
}

The keys in the payload are self explanatory.

This time series data can be used to see the evolution of the household year by yer given their circumstances.

To find the meaning of the bands (groups) the following call can be made:

curl -X GET \
  https://api.envizage.me/results/5cbf3fd34759450012b54f50/bands \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>'

The result will give you the bands and the description of each band (group):

{
    "content": [
        {
            "id": "5cbf40008dddb20013c5ffb1",
            "name": "Worst",
            "description": "Worst",
            "index": 1,
            "upperBound": 30,
            "lowerBound": 0
        },
        {
            "id": "5cbf40008dddb20013c5ffb2",
            "name": "Ok",
            "description": "Ok",
            "index": 2,
            "upperBound": 50,
            "lowerBound": 30
        },
        {
            "id": "5cbf40008dddb20013c5ffb3",
            "name": "Good",
            "description": "Good",
            "index": 3,
            "upperBound": 70,
            "lowerBound": 50
        },
        {
            "id": "5cbf40008dddb20013c5ffb4",
            "name": "Best",
            "description": "Best",
            "index": 4,
            "upperBound": 100,
            "lowerBound": 70
        }
    ]
}

9. Add pension contribution

In the UK is common to be enrolled in a workplace pension if you are employed. Under this scheme a percentage of the person's pay goes into a pension scheme automatically every payday and the employer also adds money into the scheme matching a part of the desired percentage up until a maximum sum.

We are going to use this as an example on the default instance which is configured for the UK.

To model this, we need to set up how much money is the person contributing towards the pension and how much money the employer. These are two separate entities.

The money given by the person is considered an expense which goes into a pension pot and the money contributed by the employer is considered an income since it's "free" money which also goes into the pension pot.

9.1 Add the pension contribution of the primary person (Expense)

To add the contribution to the primary person, the ID of the primary's earned income is needed for this call.

In the following example a pension contribution based on the yearly income will be created. The amount will be 3% each year. The employer will also match this percentage unless it would exceed £20.000 in which case that will be the maximum employer contribution.

curl -X POST \
  https://api.envizage.me/households/<household_id>/persons/<primary_person_id>/expenses/employee-pension-contribution \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>' \
  -H 'Content-Type: application/json;charset=utf-8' \
  -d '{
  "name" : "My pension contribution income",
  "earnedIncomePercentSaved" : 0.03,
  "wrapper" : "ESDCS",
  "currency": "GBP",
  "maximumEmployerContribution": 20000,
  "earnedIncomeId" : "<primary_earned_income_id>"
}'

note

The wrapper is a financial wrapper which tells the API under which tax scheme to enroll it. In this case we used ESDCS which is Employer Sponsored Direct Contribution Scheme.

Obtaining a list of available tax wrappers is made with the following call:

curl -X GET \
  https://api.envizage.me/households/reference/assets/financial/wrappers \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>'

The result will have amongst others the following entry, of which ID we used.

{
    "id": "ESDCS",
    "name": "Employer Sponsored DC Scheme",
    "description": "A defined contribution (DC) plan is a type of retirement plan in which the employer, employee or both make contributions on a regular basis. Under this type of plan, the employee contributes a predetermined portion of his or her earnings (usually pretax) to an individual account, all or part of which is matched by the employer.",
    "type": "PENSION",
    "incurringCGT": false,
    "country": "UK",
    "active": true
}

9.2 Add pension contribution by the employer to the primary person (Income)

Adding the employee (personal) contribution will spend the defined amount into the pension pot. However the employer contribution needs to be set up as an income since it supplements the income. It's a special income which will go into a pension pot defined by the chosen tax wrapper.

The following call does that:

curl -X POST \
  https://api.envizage.me/households/<household_id>/persons/<primary_person_id>/incomes/employer-pension-contribution \
  -H 'Content-Type: application/json' \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>' \
  -d '{
  "name" : "My pension contribution income",
  "earnedIncomePercentSaved" : 0.03,
  "wrapper" : "ESDCS",
  "currency": "GBP",
  "maximumEmployerContribution": 20000,
  "earnedIncomeId" : "<primary_earned_income_id>"
}'

9.3 Add pension contribution and pension income to the partner

The same steps need to be taken also for the partner.

Adding the pension contribution for partner:

curl -X POST \
  https://api.envizage.me/households/<household_id>/persons/<partner_id>/expenses/employee-pension-contribution \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>' \
  -H 'Content-Type: application/json;charset=utf-8' \
  -d '{
  "name" : "My pension contribution income",
  "earnedIncomePercentSaved" : 0.03,
  "wrapper" : "ESDCS",
  "currency": "GBP",
  "maximumEmployerContribution": 20000,
  "earnedIncomeId" : "5cbf3fdf4759450012b54f71"
}'

Adding the pension income for partner:

curl -X POST \
  https://api.envizage.me/households/<household_id>/persons/<partner_id>/incomes/employer-pension-contribution \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>' \
  -H 'Content-Type: application/json' \
  -d '{
  "name" : "My pension contribution income",
  "earnedIncomePercentSaved" : 0.03,
  "wrapper" : "ESDCS",
  "currency": "GBP",
  "maximumEmployerContribution": 20000,
  "earnedIncomeId" : "5cbf3fdf4759450012b54f71"
}'

10 Re-run the simulation on the updated household with the pension contribution

10.1 Replace the old scenario with the new household

To re-run the scenario, first it needs to be overwritten with the data from the household.

The following call does that:

curl -X PUT \
  https://api.envizage.me/households/<household_id>/scenario/replace/<scenario_id> \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>' \
  -H 'Content-Type: application/json;charset=UTF-8' \
  -d '{
  "id" : "<scenario_id>",
  "name" : "My scenario",
  "description" : "My scenario",
  "current" : true,
  "created" : "2019-01-01T00:00:00Z"
}'

10.2 Execute the scenario

This is exactly the same as in step 7.

curl -X GET \
  https://api.envizage.me/households/<household_id>/scenario/execute/<scenario_id> \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>' \
  -H 'resultMode: REAL'

11. Read the results and compare them with the old one

curl -X GET \
  https://api.envizage.me/results/<scenario_id>/data \
  -H 'Authorization: Bearer {YOUR_ACCESS_TOKEN}<YOUR_ACCESS_TOKEN>'

The results will be similar format as in step 8.2, but with different values. There will be a non zero value in the pension pot which will be start paying out when the person retires funding their lifestyle after the earned income stops. This means that the household will have a greater chance covering their expenses since the pension will provide extra income. This can be seen in the balance sheet year on year.

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