Capita is teaming up with LV=, Foster Denovo and Towry to offer guidance and financial advice to members approaching retirement.
Its new ‘At Retirement’ service is being headed up by Rob Tinsley who recently joined the organisation from Punter Southall’s Aspire to Retire operation.
The service offers three tiers of advice – LV=’s non-advised offering for members who know what retirement strategy they want, typically including an annuity purchase, robo-advice through LV= for relatively straightforward, medium sized pots, backed up by telephone support from regulated advisers and full advice through either Foster Denovo or Towry.
Capita Employee Benefits head of DC Gary Smith says: “We know that not enough people are willing to pay for advice upon retirement, with most wanting that service to be offered by their employers while they are still in the workplace. Unless they are offered this service, ill-informed retirees risk making bad decisions, at a time when advice is essential.
“Not only will our At Retirement service help minimise that risk, it will help employers demonstrate good governance and offer an enhanced retirement process to their valued employees. What’s more, we hope it will also increase member engagement with their pension schemes, and improve outcomes by safeguarding their financial welfare.
LV= managing director of retirement solutions John Perks says: “We’ve found that nearly half a million people retire each year without taking advice, meaning they could be losing out.
Foster Denovo CEO Roger Brosch says: “We have always advocated the need for financial wellbeing in the workplace. It is therefore extremely positive to see Capita supporting its clients’ employees in this way, and to be involved in something that has the potential to affect many lives.”
Towry head of private client Andy Cowan says: “There are many choices and opportunities facing people approaching retirement. In many cases it’s not just about pensions it’s more about a future lifestyle, and creating a plan that helps them to achieve this lifestyle to give them the retirement they want. At Towry we are well placed to deliver this and are delighted to be working with Capita to deliver advice at a critical stage in an individual’s life.”