Punter Southall Aspire has launched a free online tool to help employees and employers make sense of their retirement options as rising interest rates make annuities more attractive.
‘Pension Potential’ is an online service that searches the entire market for the best annuity deal with Punter Southall Aspire saying it will help employers to support their staff in finding more money for retirement.
The tool also takes into account the saver’s health and lifestyle which can significantly affect the value of an annuity.
Punter Southall Aspire chief executive, Steve Butler said some people have been put off annuities because previously rock-bottom interest rates reduced how much money annuities would give.
“There have been instances when people have bought annuities directly from their pension company or insurer without realising they could have had a better deal by comparing every other deal on the market. By putting them all in one place and online, we have made it much simpler for people to see what their pension will buy – regardless of how much – or how little – they may have saved.
“People can see what’s on offer across the entire market – not just one or two providers – and we believe that by giving this tool to employers, it will encourage staff to take more of an interest in their pensions and foster greater involvement to help shape their retirement,” he said.
The website also provides online guidance and options for people to talk to a specialist about their individual circumstances, as well as creating a personalised report for each user on what their plans will give them.
Butler noted that older employees traditionally looked to their employers for support when approaching pension decisions and that the new tool will better equip HR teams and employee benefit managers to be able to help more effectively.