Hub Group, the advisory subsidiary of Just Group, has launched a financial wellbeing service to help savers become more engaged with their pensions and planning.
The digital service, called Pension Buddy, allows employers, pension scheme trustees and corporate partners to offer a financial wellbeing service to their colleagues and members.
Hub Group said Pension Buddy was created to help those aged 45 and over to begin thinking about their life after work and encourage engagement with pension saving and planning.
The interactive service asks a few simple questions and then creates a personalised suite of bite-sized information tailored to the individual’s level of knowledge and specific interests about the retirement planning process.
The firm said Pension Buddy then takes the individual employee step-by-step through this information to help them get to grips with the information they need to understand when planning retirement.
It includes topics such as how much money they might need in retirement, how much people should pay into their pension, how tax works on retirement incomes as well as long-term care.
The service also includes a retirement health check which is a calculator designed to help people understand how financially fit they are for life after work.
It provides an estimate of how much the person’s pension savings will be worth in the future and compares it to what they feel they will need to live comfortably in retirement.
In situations where there is a shortfall, the tool will offer options on how to get back on track.
Stephen Lowe, group communications director at Just Group, said it would enable employers to broaden their employee benefits by offering a valuable financial wellness service to help colleagues engage with the difficult subject of planning for retirement.
“We are delighted to make Pension Buddy available as part of our employee benefits services. Financial wellness is an issue employers are increasingly addressing as they recognise the opportunity and responsibility they have to support their employees.”
“Financial confidence is closely linked to mental wellbeing and productivity in the workplace, and initiatives that promote greater financial wellness will soon become a must-have for employers as part of their benefits and reward strategy.”
Lowe said the service complements its automated advice service called Destination Retirement.
“The two work together, with Pension Buddy offering an entry level introduction to planning for life after work; and for colleagues who want or need more, Destination Retirement offers a seamless route to a digital and affordable, ongoing regulated financial advice to help them achieve a better later life.”
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