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Launch pad: Retirement Planning

Martin Palmer, head of corporate benefits proposition for Friends Life, said: “Our new eValuate tool has been developed as a tool for New Generation Pensions scheme members to access information around their retirement options. It will assist members in making the right decisions for their personal circumstances.”

The tool aims to help members with retirement forecasting by using a stochastic modeller to look into a range of retirement scenarios. Members can also consider their attitude to investment risk and choose the funds suitable for them.

IFA VERDICT

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Mark Loydall, director and chartered financial planner, Cambourne Financial Planning, Leicestershire

“While this tool sounds good I personally have a number of concerns. This only applies to the New Generation platform and there are a number of schemes that will not benefit from this and will be stuck with old technology. I am also concerned that this might be a ploy to get more clients to go direct. The insurance company retains the commission and the client is disadvantaged. I think we are beginning to see insurance companies start to exclude advisers and rebuild a direct sales presence.”