Aviva launches iPhone pension app

Aviva is launching an iPhone app that aims to make pensions planning simpler and more accessible.

The Aviva Time to Act app is a free download available to customers and non-customers and can be used on Apple’s iPhone, iPod touch and iPad. The app is a simpler version of the Aviva Pensions Tracker tool which offers Aviva customers a more comprehensive suite of pensions planning tools.

Users input brief details and contribution levels to work out how much extra money they receive from the taxman and employer. They can also see how much their pension fund might grow and the value of their income when they retire.

Features include an ‘extra money’ calculator that shows the benefits of tax relief on and employer contributions on pensions.

It also incorporates Aviva’s ‘Beam of Light’ investment outcome illustration tool.

Iain Oliver, head of pensions and investments at Aviva, says: “Aviva Time is different from other pension calculators because it gives a range of possible outcomes, and highlights how tax relief and employer contributions can massively boost the size of your pension fund.

“New technology can play an important role in retirement planning and Time to Act complements the work Aviva has done for existing customers with Pensions Tracker. It will also appeal to financial advisers planning retirement presentations for clients.”