A new service that’s free for employers may help their staff find more money for retirement has been launched today by Punter Southall Aspire, a national employee benefits and financial planning business
Pension Potential is an online tool not only for employees to make sense of their retirement options but also to guide them through the process of buying an annuity.
With rising interest rates possibly making annuities more attractive as a component in the retirement toolkit, Pension Potential searches the entire market for the best deal. It also takes into account the saver’s health and lifestyle which can significantly affect the value of an annuity.
Together with online guidance, the website incorporates options for people to talk to a specialist about their particular circumstances. And it also creates a personalised report for each user on what their plans will give them.
It’s the latest innovation from Punter Southall Aspire, aimed at making it easier for people to understand what retirement means for them.
Punter Southall Aspire Chief Executive Steve Butler said: “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 added that older employees traditionally looked to their employers for support when tackling this range of once-in-a-lifetime decisions. Pension Potential equips HR teams and employee benefit managers to be able to help more effectively.
The development is a continuation of Punter Southall Aspire’s drive to make it easier for people to save and take more control over their financial planning. Related offering Aspire to Retire is a programme for businesses to help their people consider every aspect of retirement, including a Mid-Life Review.
And the employee benefits and financial planning firm also founded what’s become a permanent date in the pension calendar with National Pension Tracing Day, encouraging everyone to track down savings they may have overlooked or forgotten about, worth an estimated £19.4 billion in total.