Pension Monster, the free pension tool offered by Selectapension, has been visited over 11,500 times since its launch a year ago.
The average user of the service is 47-years-old, with a pension of £167,000, suggesting the service has broader appeal than was first expected by Selectapension bosses.
The site was originally aimed at those with smaller pension pots. The average UK pension pot is just £50,000.
The most popular features of the tool is a budget planner, state pension information and information on existing pensions and investment.
Peter Bradshaw, national accounts director at Selectapension, said the tool benefits both consumer and adviser, as the report produced can complement the advice process, allowing the adviser to determine the appropriate service to offer and saving time.
He said: “We are extremely pleased with the interest generated by Pension Monster, and having it on advisers’ websites will further extend its reach to more consumer.”
One commercial user, Secondsight, the employee benefits division of Foster Denovo, said Pension Monster was an important part of the redesign of its employee engagement and financial education portal.
Ian Bird, business development director at Secondsight, said: “It not only makes employees aware of how much they will retire on, based on their current pension contributions, circumstances and certain assumptions, but it also encourages them to reflect on whether they should save more for a more comfortable retirement."
rosie.murray-west@ft.com
