Punter Southall has launched Pension Potential, a digital retirement planning solution for businesses, pension schemes, employees and members.
Pension Potential provides personalised financial guidance and advice to individuals, helping them to make informed decisions about their pension and retirement options.
According to recent FCA data, 33 per cent of pensioners accessed their savings without seeking advise. Between October 2022 and March 2023, 39.1 per cent of pension pots, totally 43,366, started drawdown without adviser guidance, showing a declining trend.
Pension Potential provides transparency and accessibility on retirement options such as annuities and drawdown, with personalised guidance packs. It provides resources, such as online calculators and an extensive annuity search feature. In addition, it streamlines the advice experience for customers by offering personalised retirement recommendations that finish with a video conference with a financial advisor.
The launch coincides with government and FCA initiatives to enhance retirement outcomes, making it a critical moment. The need for comprehensive retirement advice is emphasised in recent FCA thematic reviews and is also supported by DWP consultations, which support the provision of easily accessible information and tailored advice to empower savers.
Pension Potential managing director Steve Butler says: “Pension Potential simplifies retirement planning; ensuring individuals can achieve their retirement goals. People can often feel overwhelmed when thinking about their retirement, but by bringing together key information all in one place, along with access to low-cost advice, people can easily understand how to achieve the retirement lifestyle they aspire to.”
