3-in-1 contains a series of quick questions for your client to answer: when do they want to retire? What do they earn? What's their age? They can either enter the details themselves, or you can integrate it with your pension admin system to preload the data.
The three columns show a clear, high-level comparison of cash, drawdown and annuity. You can see details such as tax-free cash, yearly income, likelihood of meeting target, how long money will last, and how much tax to pay. You can also change the level of return, with a sliding scale from weak to strong.
3-in-1 lets your consumers compare three options in a simple way. They won't get overwhelmed by large amounts of detail or information, so they can choose a route more easily. It helps users understand what they have and guide them to the best choice for them.
You can give workplace members a simple-to-use tool that's easily understood by everyone – and that uses the employer's scheme details. And once your users have chosen a route, they can go directly into Pension Freedoms Planner to look at it in more detail.
Help your clients spot any potential issues and stay on track with Retirement Planner. You can enter their details and immediately see what income they're likely to get. As it's holistic, you can include all pensions and assets, and also account for how much they're contributing, any charges, their ideal retirement age and their tax-free cash limit.
This high-level view identifies if any changes need to be made. So, it's a great way to keep clients on track and show them in a simple way where they are, what they've got and what to expect.
Pensions Freedom Planner (PFP) lets consumers explore in more detail how they might take their pension in retirement. It links to 3-in-1 and pulls a user's desired option through from there. Or, you can integrate it with your back office systems to use specific pension information and data.
PFP is holistic and considers all of a user's assets and pensions. You can also configure it in different ways: you can tailor it to a particular scheme, employer or proposition, and you can include or exclude functionality to either make it more simple or more detailed. As PFP uses backsolves, it can work out how much your user needs to pay to meet their income and retirement age targets.
With PFP, you can give in-depth help and information to guide users through the process of taking action. You can clearly show current forecasts, as well as what would happen if they changed certain elements.
Plus, you can fit PFP to your propositions, and the adviser version gives you added detail. If you integrate PFP with a pensions admin function, you can action changes through the tool. So, any changes made in PFP can be sent back to the admin site to be actioned.
This off-the-shelf, comprehensive tool lets you help your consumers better understand their options at retirement.
Flexible Retirement Options (FRO) is a comprehensive way for consumers to understand what their options are if they transfer out of a final salary scheme. It's a guidance triage process that shows them what they could get by staying in the scheme vs moving their money across.
It's designed to help members understand their options before getting paid advice. Users can instantly see whether staying put or moving their money is the better option, and they can proceed to advice afterwards.
As FRO uses gamification techniques, users are encouraged to learn all about their options, giving them a well-rounded education. This ensures they can approach an adviser with a sufficient level of education – and therefore confidence.
FRO also helps to reduce the costs of phone calls to your admin team. Where members may call up to ask for help, now they can self-serve information and educate themselves. Likewise, it's a way of looking after employers and employees better, as you're anticipating the questions they'll have and providing resources to help them. Plus, you can support trustees who need to make sure their members are aware of their options at retirement.
The Sustainable Income Drawdown Calculator shows how long your customer’s money could last in comparison to an estimated life expectancy. It takes into account their age, retirement savings, required annual income, current investment strategy and annual state pension.
You can see the information in several different ways. The main display uses a stochastic forecast to show the likelihood of money running out. You can then look at individual scenarios from the calculation and learn more about the forecast.
The widget has alternative displays, so users can find a visual that appeals to them the most. Options include a sliding scale and likelihood of success in percentage. You can also play around with the likelihood of money running out to find a sustainable target income.
The Emergency Tax Calculator estimates how much tax would be deducted from pension withdrawals under the emergency tax rate. Your customers may need this information if their pension provider hasn’t received a valid P45 or had confirmation from HMRC of their personal tax code.
The widget has options for both UFPLS and drawdown, giving your customer an accurate figure that’s relevant to their situation. Simply enter their desired lump sum withdrawal and type of withdrawal, and you can see the emergency tax amount and the payment after tax.
Use the Salary Exchange Calculator to help highlight the benefits of saving into a workplace pension scheme.You can use this with customers who do salary sacrifice as part of their employer pension scheme. It’s a clear way to show the financial benefit of contributing into a workplace pension.
You only need to include salary information, employee contribution, employer contribution and percentage of National Insurance savings to pass on. Then you can see the NI tax relief amount, total amount contributed into pension, annual salary after contribution and net annual salary after contribution.
The Annual Allowance Calculator with Contribution shows how much your high income customers can contribute to their pensions before exceeding the allowance and having to pay tax.
The widget shows how much the allowance is exceeded by and the amount of income tax payable. It’s a clear way of showing a customer how to invest or save their money in a more efficient way.
Customers input any unused allowance, their total taxable income, their annual contribution and their employer’s annual contribution. They’re then shown the amount they can contribute, the excess, and the payable tax.
Budget Planner lets people work out what income they need to aim for in retirement. Users go through three categories of spending: essential, desirable and luxury. Then they can choose whether they have low, average, high or custom spend in each. The living costs are sourced from the Office of National Statistics, based on what people currently spend in retirement.
Users then receive their required annual income, broken down into the three categories. It also shows a yearly and monthly income split.
Retirement Income Optimiser takes a holistic view of your customer’s financial situation. It then takes these details and provides the optimal way of using their savings, investments and pensions to provide an income in retirement.
Customers can choose whether to fill it out individually or including their partner’s finances. And details include everything from joint bank accounts and workplace pensions to stocks and shares, bonds and trusts.