Aon has teamed up with retirement planning company Guiide to launch a digital ‘guided retirement’ service for defined benefit (DB) members, designed to take into account a wider picture of each member’s financial position.
The service – dubbed ‘My Pension Planner’ – is primarily aimed at helping members understand their choices at retirement, but it can also demonstrate how their pension income can work alongside other savings and sources of income.
In a statement, Guiide highlighted “a clear challenge emerging across the pensions industry”, with members facing complex decisions at retirement but without access to financial advice.
“The service has been designed to give savers the time and understanding they need to make well-informed decisions, rather than leaving it too late.”
Kelly Hurren, Aon
Kelly Hurren, partner at Aon, said: “We know trustees want scheme members to engage with their retirement decisions as early as possible. Our service has been designed to give savers the time and understanding they need to make well-informed decisions, rather than leaving it too late to achieve the best outcome.
“Working with Guiide allows us to offer a practical, scalable solution that supports our schemes in delivering better member outcomes.”
Kevin Hollister, founder of Guiide, added: “Aon has been excellent to work with – they have shown a clear aim and a strong understanding of the full potential of Guiide, enabling us to bring our experience of engaging consumers through our own channel.”
My Pension Planner gives members information about their pension income, as well as any adjustments to benefits such as pension increase exchanges or bridging pension options. They can manage cashflow by displaying pension income alongside other savings, and assess a tax-efficient way to draw down from their retirement pot.
Members can use the tool themselves to manage their own retirement, or access regulated financial advice or additional guidance if needed.
