Pensions  

Product review: Retirement Advantage tool

Product review: Retirement Advantage tool

Retirement Advantagehas created an online tool to help people assess how their pension could be used for safeguarding income.

The free tool, Discover Your Retirement Options, aims to provide guidance on investments and obtaining easier access to retirement funds.

It works in the form of a five-minute questionnaire and poses questions about income priorities, how essential one’s pension pot is to their circumstances, and what kinds of investments people are willing to make in order to increase their current retirement fund.

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At the end of the survey, clients are asked to enter their pension pot amount before being provided with a breakdown of their choices – complete with brief guidance on the best options to consider to fulfil their retirement wishes.

The tool uses answers from the questionnaire to give an indication of the balance between people’s guaranteed annuity and pension drawdown.

Users are also given the choice of downloading their results for personal use, or proceeding to pursue further information from Retirement Advantage’s services.

The firm says the retirement tool is intended be a stepping-stone between basic retirement money option advice, and seeking insight from Retirement Advantage’s advisers.

www.retirementadvantage.com

MM Comment:

Web-based retirement pot option tools are by no means limited. Often presented in the form of calculators, just about every retirement income specialist service offers a means of giving customers quick assessments of their retirement fund options online. This product does seem to go one step further in some respects, however.

Rather than providing cold calculations and reams of inexplicit retirement plan advice, it gives prospective clients sensible suggestions on how to think about setting their plans in motion without the pressure of having to commit to Retirement Advantage’s services – like some other tools may feel.

For those who find assessing retirement prospects daunting, this could be an effective tool. The interface is also significantly less clunky and jargon-congested than similar services, and includes helpful infographics throughout the questionnaire.

Despite being less dense than a number of retirement option advisory tools however, its pièce de résistance – the questionnaire results – offers a surprisingly sparse set of suggestions, and could still aim to do more to assess the answers given in each section of the questionnaire. This combined with a curiously limited breakdown of figures, means that the tool struggles to stand up as unique.