L&G has expanded its Guided Retirement Planner, broadening access to serve the needs of younger DC members.
According to L&G, the launch aims to help them better understand their retirement savings and bridge the gap between support and advice.
L&G says that more than 70,000 members aged 55+ have already begun their Guided Retirement Planner journey, which is shown to have driven significant action underpinning L&G’s decision to expand it to younger members.
According to L&G, The Planner, which launched in late 2024, has halved retirement shortfalls, with one in three members creating full plans and one in five taking key actions such as consolidating, drawing down or buying an annuity.
L&G says The Planner provides personalised guidance with clear and actionable steps using member insight, data and behavioural science. It adapts in real time to each user using personalised nudges to build confidence and help members achieve a more sustainable retirement income.
The need for this expansion is backed by L&G’s latest research, which shows that around 16 per cent of the population, equivalent to eight million UK adults in their thirties, class themselves as ‘financial carers’, which means they manage the money of their older and more vulnerable relatives.
But the research notes that one in five financial carers experience emotional strain, disruption to their work, and lose out financially. More than a fifth have used their own money to cover a relative’s expenses, while 17 per cent have taken time off work and 22 per cent have reduced their hours at work to keep up with their caring demands.
Also, only 25 per cent feel they understand how a pension works and one in seven say their lack of knowledge caused problems when trying to help.
Around 10 per cent of financial carers accessed their own pension savings to help, with 8 per cent of them taking an early lump sum. Meanwhile, one in 15 or 7 per cent of financial carers will delay their own retirement by more than five years as a result of being a financial carer.
L&G CEO, DC & workplace savings Paula Llewellyn says: “Retirement planning is often framed as a numbers game, from contributions to compound growth and drawdown strategies. But behind every pension pot is a person juggling real-life pressures, information overload and emotionally charged decisions. For many DC savers, retirement planning isn’t just a financial task; it’s a balancing act. And limited knowledge and competing priorities – from childcare to eldercare – can push pensions to the bottom of the to-do list. This is why we’re committed to supporting the person not just the pension and through our extensive research and member insight, we recognise that true engagement demands more than awareness, it requires action.
“As people’s needs evolve and life stages shift, we continuously adapt our support to remain relevant for every generation. That’s why recent rule changes that will allow pension providers to provide targeted support will be a gamechanger. L&G’s Guided Retirement Planner offers practical tools and clear, focused information to help individuals confidently navigate their long-term savings and retirement planning. We’re focused on helping our 5.7 million members achieve better outcomes to ensure a sustainable income in retirement.”
