Lloyds Bank has today (21 April) launched a financial planning tool to help its private banking clients plan for their retirement in response to the new pension freedom rules.
Since 6 April those looking to retire have a lot more options available to them, however they still need to take into account ongoing issues such as tax implications, longevity risks, income sustainability, security of income and investment risk.
Therefore, the new tool has been designed to create a personalised financial plan which draws together all these considerations, helping advisers engage clients early into retirement planning process and help them understand the immediate impact specific decisions will have on their income in retirement.
Created by Voyant and customised by Lloyds’ private banking team, it features daily fund data from Morningstar which provides portfolio value and the ability to analyse asset class exposures across investments, along with a record of psychometric testing to map investment portfolios to the appropriate investment risk level.
According to the group, the tool is there to facilitate adviser discussions with their clients, combining information to provide a bespoke lifetime financial plan, which helps to highlight any recommended changes that may need to be made.
Richard Anderson, head of pensions policy at Lloyds Private Banking, added: “By using financial planning tools at an early stage in the process savers will have more insight and understanding of their finances not just at the point of retirement but beyond.”
The launch follows a similar retirement options website developed by Skipton Building Society announced today, along with a whole host of pension support systems introduced over the last few months by providers across the market.
peter.walker@ft.com
