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Retirement Advantage launches web-based Retirement Options tool

Retirement specialist hopes tool will generate conversations between consumers and financial advisers

Retirement Advantage has developed a web-based tool designed to help people choose how much of their pension could be used to secure a guaranteed income and how much can be left to invest or accessed more flexibly.

The ‘Discover Your Retirement Options’ tool requires the completion of a five-minute questionnaire, which then generates a free retirement options report designed to prompt a conversation with a financial adviser.

Research undertaken on behalf of Retirement Advantage by YouGov among 1000 UK adults aged 50+ who have a DC pension and who are not in retirement, showed that post pension freedoms, people value both certainty and flexibility in equal measure, although when pressed, certainty is ranked as the top priority for over 50s when thinking about income in retirement (43%), followed by flexibility (34%).

The company only sells its retirement products through financial advisers and prompts consumers to use the report as a starting point for a conversation with a financial adviser based solely on their attitude to risk and the size of their pension fund.

Andrew Tully, pensions technical director at Retirement Advantage, said: “When push comes to shove, people thinking about their retirement options place equal value on certainty and flexibility. They want to know the bills will get paid and ideally would like their nest egg to be available to pay for life’s little extras and emergencies. Unfortunately, this is where things can get complicated very quickly, as trying to balance the need for access and income can be tricky.

“We hope the launch of this tool will help equip people to deal with these complex decisions with the aid of financial advice.”

The Discover Your Retirement Options tool can be accessed here

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