Standard Life has launched an enhanced version of its Mixed Income Builder, a digital planning tool designed to help savers understand how to create an income in retirement.
It said the new version integrates directly with customers’ pension details, removing the need for manual data entry.
The tool automatically uses customers’ pension values and contribution details to create a personalised retirement income plan. It uses the Pensions UK Retirement Living Standards as a guide to allows customers to set a personalised essential income target, supported by an integrated budgeting tool.
The firm said that helps customers understand how much guaranteed income they may need to cover essential living costs in retirement, such as housing, utilities and food.
It said customers can also explore retiring at different ages, including before their State Pension age, and model how drawdown could be used to bridge the gap before State Pension income begins. Illustrations show the level of regular income their savings might support and how long this could be expected to last.
Customers can see how different sources of retirement income could work together, including the State Pension, defined benefit (DB) pensions, annuities and drawdown.
Esther Hawley, head of retirement proposition at Standard Life, said: “Planning a retirement income can feel daunting because people often want two things at once – the reassurance of a secure, guaranteed income and the freedom to stay flexible.
“Mixed Income Builder is designed to make those decisions easier, helping people understand what they may need to cover their essentials for life, and how a blend of guaranteed and flexible income could support the retirement they want.”
The enhanced tool is available for Standard Life Workplace and individual pension customers aged between 50 and 75 through its customer dashboard and mobile app.