Punter Southall Aspire has launched a new online tool to help employees not only understand their retirement options but also to get help purchasing an annuity.
Pension Potential looks at every market for the best deal because rising interest rates may make annuities a more desirable part of the retirement toolset. It also considers the saver’s lifestyle and health, which can have a big impact on the value of an annuity.
The website offers possibilities for users to speak with a professional about their unique circumstances in addition to online advice. Additionally, it generates a customised report for each customer on the benefits of their programmes.
Punter Southall Aspire chief executive Steve Butler says: “Annuities have always been part of planning for retirement but some people have been put off because rock-bottom interest rates reduced how much money they would give you. And 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. They 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.”
Steve said that senior workers frequently sought assistance from their bosses when making these kinds of once-in-a-lifetime decisions. Employee benefit managers and HR departments are better equipped to assist thanks to Pension Potential.
The project is an extension of Punter Southall Aspire’s efforts to simplify saving and give people more control over their financial planning. Aspire to Retire is a programme that helps businesses and their employees think through all aspects of retirement, including a Mid-Life Review.