DT has been selected by Saga Investment Services, the partnership between Saga and Tilney, to support the development of what they called an “online retirement health check”.
DT has created a Retirement Income Planning tool, which will be available on the SIS website for use directly by Saga customers.
The ‘Look Ahead’ tool allows its customers to see their likely income in retirement and highlights the extent to which this is likely to result in a surplus or deficit.
Matt Noble, client director of financial institutions at DT, said: “With the population living longer in retirement, understanding the value of your investments and what income that can deliver is now of tantamount importance.
“This digital tool, backed by our asset and risk model, will help Saga customers build a clearer picture of their finances in retirement. Our selection by Saga Investment Services is a great endorsement of the team at DT.”
DT said the tool takes into account expected outgoings and combines the values of pension and investment savings to project the likely performance of the combined values. It then gives a range of expected performance using DT’s award-winning and widely followed risk profile asset allocation models. DT’s risk profiles run from 1 to 10, with 1 being low risk (cash only) and 10 being high.
Through a combination of a suitable level of risk and mortality estimates, a user can achieve a much greater level of understanding of whether or not their financial goals will be met.
Nici Audhlam-Gardiner, managing director of Saga Investment Services, said: “The launch of this tool will help us drive engagement with our customers as they plan their retirement and lay the foundations of their financial future.”