Fidelity International has launched a retirement planning service, Plan for Life, alongside a dedicated financial coaching service for workplace pension scheme members.
The service is designed to help pension savers in developing a plan for their long-term financial futures and ensure they have an adequate income through retirement.
Through Plan for Life, members can build a personalised plan using their existing pension data, alongside broader savings and income assumptions.
Through the service, they can also model different scenarios to understand how changes in contributions, retirement age or savings behaviour affect outcomes, receive clear steps to help improve their long-term financial position, and adapt their plan over time as their circumstances evolve.
Plan for Life was launched as a pilot last autumn, with over 1,000 members now using it. It will now be made available at no additional charge to all Fidelity members through PlanViewer, Fidelity’s workplace pension platform. The service will allow members to visualise their income from different sources, including other Fidelity accounts, with further functionality to be added as it develops.
Fidelity is also launching a financial coaching service to provide members with tailored, one-to-one support. It will be made available as an additional service to those schemes which choose to offer it to members, and sessions with coaches will include a charge.
Daniel Smith, head of workplace investing distribution at Fidelity, says: “While engagement with pensions has increased, many employees still lack the confidence to make decisions about their financial future. With millions still under-saving for retirement, there is a clear need for more personalised support.
“Plan for Life and our financial coaching service are designed to help people balance today’s financial priorities with their long-term goals, giving them the confidence to adapt as their circumstances change.”
The coaching service is fully integrated with Plan for Life, allowing coaches to build on a member’s existing plan and demonstrate how financial decisions could impact future outcomes. Members also have the opportunity to schedule further appointments with the same coach to support their progress over time.
