The Financial Advice Market Review, published by the FCA and the Treasury, says the Treasury should challenge the industry to make a pension’s dashboard available to consumers within three years. The move follows comments from pensions minister Ros Altmann saying it would take “a decade or more” for all pension policies to be online.
Equiniti Pension Solutions’ Managing Director, Ric Williams, said: “Equiniti is a strong supporter of simplifying pensions for consumers and a dashboard would be a step in the right direction, with digitisation enabling individuals to make more informed decisions on their pensions.
Equiniti has invested substantially in its technology, including the award winning pensions app, RetireMe, which allows savers to make more considered use of the pensions freedoms they are now afforded.”
Equiniti developed the RetireMe app in response to the way savers have reacted to new pensions freedoms. With £1.8b already withdrawn from pension funds since they came on stream in April, there are real concerns that savers could unwittingly draw too much and leave themselves without adequate funds in their later years.
RetireMe, which is available free from the iOS App Store, helps users to calculate how long their projected pension pot will last based upon a desired income being withdrawn annually. The app also enables savers to calculate the annual income that can be drawn from the pot over a selected drawdown period. Both calculations take into account fully adjustable investment growth and fund charges.
Richard Llambias, head of product strategy for Equiniti said: “With the changes taking place in the UK pensions industry there comes the challenge of helping savers make fully informed decisions on how they save and what is the best course for their individual needs. RetireMe is a platform designed to meet some of these challenges.
Equiniti is leading the industry in member self-service engagement underlining our credentials of delivering technology-led solutions to our clients.”
For more information please contact:
Alban P Maginness
Group PR Manager, Equiniti
Tel: 00 44 748394934
Notes to Editor - About Equiniti
Equiniti keeps things running smoothly behind the scenes for some of the best-known brands and public sector organisations in the UK.
We specialise in providing finely-tuned finance and administration services, as well as smart technology solutions, in complex and regulated markets.
Our services are delivered by 3,500 employees across 29 office locations, enabling us to offer solutions that are flexible, adaptable and scalable.
We are acknowledged leaders in the pension services market and in the share registration market, where our clients include around half the FTSE 100.
Our mission is to make the complex simple.