Buck Consultants at Xerox has launched a pension platform that helps employees to model the different retirement scenarios possible under the new flexible regime.
The platform includes retirement saving modelers and tools that enable them to assess their risk profile and income needs in retirement and review and amend investment choices and contribution rates.
Scheme members can illustrate the form of their retirement income, whether it be a single lump sum, with taxation implications illustrated, flexi-access drawdown over a number of years, or an annuity income for life.
The platform can be integrated into an employer’s existing online environment and white labelled. It works on smartphones, tablets and desktops.
Buck Consultants head of corporate solutions John Deacon says: “Individuals in DC schemes now have more choice than ever on how and when they take their retirement savings. It’s essential that employers are offering a means for employees to really engage with their retirement planning throughout their working life and take advantage of their options. This preparation cannot be left until they approach retirement if people are to make informed decisions and retire with an income that meets their needs.”
Head of trustee services David Piltz says: “Pensions have always been associated as being complicated. The dashboard is designed to make it easy for employees by giving them all of their finances in one place and a range of tools to aid their understanding and planning at whatever stage of the journey they are in.
“Once retiring employees have made the choice on what they want to do with their pension, whether that’s keep it invested, take drawdown or purchase an annuity, or a mixture, they can implement their decision through the portal. And from here, our pension administration team can implement the new flexibilities.”