Tomas helps IFAs with small pension pot solution

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Assist is a personalised, web-based application for individual retirees, designed to engage, educate and inform through the annuity process.

It uses real time annuity rates to power the income modelling tools.

Graeme Riddoch, sales and marketing director of Tomas, said: “For many people, retirement is unknown territory and they simply can’t afford to get lost. Assist acts as a guide, helping them to educate themselves and understand their options.

“Most importantly, it addresses criticisms that far too many retirees are choosing the default option offered by their pension companies instead of shopping around for the best income plan.”

Mr Riddoch said the improvements include improved speed, functionality and presentation; an integrated underwriting module to collect health and lifestyle information and an enhanced educational content.

The system is designed to work both in the corporate market and for advisers.

He said: “This is ideal for members of DC workplace schemes who have relatively straightforward requirements but need information and support.

“But it also complements the advice sector, helping clients understand their annuity alternatives or by streamlining the process and bringing some level of professional advice within the reach of those with smaller pension pots.”