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Standard Life has gone live with a retirement income calculator that could help advisers work out if clients are on track for their dream retirement.

The Retirement Planner uses pre-set assumptions such as preferred retirement age and target income in conjunction with additional data on salary and pension contributions to provide individualised reports.

It works out whether someone is saving enough and if not, how much more they would need to contribute.

The new web tool is part of a wider re-design of online services at Standard Life.

It has received approval from the independent consultant and e-commerce specialist the Financial Technology Research Centre.

Ian McKenna, director of the Financial Technology Research Centre, said: “This is a straightforward, easy to use tool that can help to get people thinking about how much income they are going to have in retirement and recognise the benefits of starting to make extra payments sooner rather than later.”

Manila McLean, head of customer service e-commerce, added: “The Retirement Planner is an extremely useful tool for both customers and financial advisers, because in a matter of seconds it provides a very clear picture of your retirement income.

“With this kind of information it becomes a very clear picture of your retirement income, it becomes possible to start considering whether your perfect retirement is within reach and how you might turn it into a reality,” she concluded.