The company, owned by Capita, says that the tool enables financial advisers to compare drawdown products available to customers and produce reports that meet compliance requirements.

The software, developed with financial advisers, provides a single view of a customer’s sources of income such as property, bonds and pension pots.

Once a customer has provided their financial adviser with retirement target income and known “pinch points” such as big holidays or supporting children in buying a home, Synaptic Analyser will allow financial advisers to model multiple income scenarios and make calculations including:

• Forecast monthly retirement income based on current pension, assets and savings
• Shortfall analysis to reach the desired retirement income
• Insight into the taxation of potential retirement income options
• Including or excluding state pension calculations
• Mortality calculation using data from the Office of National Statistics life expectancy data

Peter Bayliss, product director of Synaptic Software, said: “Recent research suggests people are underestimating how long they will live by 15 years. If they are underestimating their lifespan, they will also underestimate the years they will spend in retirement.

“Synaptic Analyser is a great addition to our easy to use set of products, designed with, and for, professional advisers. Importantly not aligned to any specific providers of products, advisers can be assured they are receiving impartial information.”