Hub says the new service will provide “high quality, personalised solutions” to retirees trying to make the most of their retirement savings.

Destination Retirement is aimed those aged 55 or over who are planning to retire soon and need help with their ‘Financial Planning.’ 

Hub says from 31 March it will be introducing an initial advice fee of £299 which will apply if clients decide to go ahead and put their plan into action. The initial advice plan is free to customers who register before 31 March but the firm says its £299 initial advice fee will still be lower than the average cost for traditional financial advice.

The new service is available to employers, pension scheme trustees and corporate partners.

Mercer, part of insurance and financial group Marsh & McLennan, has picked Destination Retirement to provide automated financial advice in the UK to Mercer’s UK corporate clients.

David Cooper, chief executive of HUB Group, said: “Millions of customers accessing pension money risk sleepwalking into poorer retirements by failing to take financial advice.

“Destination Retirement is a game-changing automated advice service which has been specifically created to help engage, educate and deliver bespoke solutions and ongoing advice at modest cost to customers who otherwise would not seek professional help.”