Standard Life launches retirement expense tool

Standard Life launches retirement expense tool

Standard Life has developed a retirement expense tool to expand its cash modelling suite aimed at advisers.

The tool is based on Office for National Statistics data and designed to help advisers work out how much income their clients need in retirement and how those needs may change over time.

It helps clients compare what others with similar incomes are typically spending and can be personalised, as well as exported to form part of the client suitability documentation or used as part of the advice process. 

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Alastair Black, head of financial planning propositions at Standard Life, said: "The number of people using income drawdown for their retirement planning is continuing to increase apace and advisers are telling us it is becoming increasingly time consuming to help their clients work out how much money they need now, and how that might change in the future.

"The retirement expense tool sits alongside the cash modelling suite and has been specially designed to enhance the conversations advisers are having, helping them make their clients think about what they might need at the beginning of their retirement, as well as how that might differ as their circumstances change in the future.

"We want advisers to facilitate the best possible retirement for their clients and help to make the advice process as straightforward as it can possibly be."

Research from the Pensions Policy Institute recently found the poorest pensioners were relying on the state pension for three quarters (78 per cent) of their income.