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<\/p>\nA new planning tool designed to help members manage regular income withdrawals during retirement has been unveiled.<\/p>\n
People’s pension, which serves seven million savers, developed the feature as part of its in scheme drawdown offering.<\/p>\n
The launch comes as growing numbers of People’s Pension members approach retirement age, increasing demand for support as they transition out of the workplace.<\/p>\n
This addition forms part of a wider programme of enhancements aimed at helping savers manage their pension pots more sustainably after they stop working.<\/p>\n
People’s Partnership, which operates People’s Pension, is developing what it describes as a fully guided retirement experience in response to the changing needs of members.<\/p>\n
Eligible members can access the new tool through their online accounts, where a nine step process taking around 15 minutes guides them through understanding, planning, consolidating and setting up their regular income.<\/p>\n
Users can select either a specific income amount or choose a target duration for their withdrawals, with projections powered by modelling from Hymans Robertson.<\/p>\n
The tool includes inflation protection, with annual reviews measured against CPI to help ensure payments maintain purchasing power.<\/p>\n
Members can return to the tool at any time to make changes as their circumstances evolve.<\/p>\n
The feature integrates into existing online accounts, allowing savers to explore what level of income their accumulated pension savings might support.<\/p>\n
A new tool has been launched to help retirees plan and manage regular income withdrawals<\/p>\n
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To encourage sustainable withdrawals, the system displays an updated projection of how long a member’s income is expected to last each time they log in.<\/p>\n
The tool also issues alerts as pension pots decrease, helping savers monitor their remaining funds.<\/p>\n
Those eligible can additionally access telephone support from the People’s Pension team through a newly launched retirement guidance service.<\/p>\n
This combination of digital tools and staff assistance is intended to provide comprehensive support to members navigating the drawdown process.<\/p>\n
The feature remains available at all times, allowing users to revisit plans and adjust withdrawal arrangements as their needs change.<\/p>\n
Kirsty Ross, proposition director at People’s Partnership, said: “As more savers move from building up their pensions to drawing them down, they need tools that make the transition easier.<\/p>\n
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“Our new tool supports members in that shift, offering flexibility backed by clear information and modelling.”<\/p>\n
Ms Ross said: “Retirement isn’t a single moment, it’s a series of choices that evolve over time.<\/p>\n
“We’ve designed this tool to help members manage those choices with confidence, giving them a clear view of how long their income could last and the flexibility to adjust as their circumstances change.”<\/p>\n
Stuart Reid, distribution director, said employer clients are focusing more on supporting staff as they move into retirement.<\/p>\n
“Our employer customers are increasingly aware of the duty of care they have; to support staff beyond the workplace and into retirement. <\/p>\n
“Financial wellbeing doesn’t stop at the point of leaving work, and helping employees make confident, sustainable decisions about their pension income is an essential part of that responsibility.”<\/p>\n
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Skyrocketing state pension age – will you be affected? | GB News<\/p>\n