The online system, available on Aviva’s platform, models various different scenarios using different income options, enabling advisers to have more constructive discussions with their clients.
The planner takes account of the whole of the market, not just Aviva products, and shows possible outcomes under three stochastically modelled investment forecasts.
Advisers can choose from 10 portfolios of varying risk, to demonstrate the effects of portfolio selection, with blending of income options possible to model different profiles.
There is also a joint planning facility is available for couples and advisers can consider income streams from a range of sources including salary, all pension schemes, state benefits and Isa or investment withdrawals.
The Retirement Forecaster has been developed with Distribution Technology, with all assumptions reviewed and updated quarterly in conjunction with the technology firm.
Tim Orton, adviser platform chief executive for Aviva, commented that a lot of people are worrying about what they should be doing now and in the future to plan for their retirement.
He said: “The forecaster offers advisers a way to start conversations with clients by modelling different savings scenarios and different income options, such as UFPLS, drawdown and annuities, to help them show clients what their income could look like.
“It also allows an adviser to present ‘what if?’ scenarios showing a client the impact of small changes, for example in contributions or retirement age, to demonstrate the impact on likely retirement income.”
Ben Goss, co-founder and chief executive of Distribution Technology, said that the challenge now is making suitable decisions which meet an individual’s goals, given the many variables since 6 April.
Mr Goss said: “We believe that the retirement forecaster tool can help advisers to overcome these challenges by allowing them to discuss the risks and benefits of different approaches in a clear and engaging manner whilst ensuring suitability and reducing the cost to serve clients.”