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Abbey offers free shortfall software

Abbey Life is offering IFAs free computer software to calculate how much their client&#39s pension provision falls short of expectations.

Abbey Life is distributing the disk, or CD-Rom, to IFAs through its local offices and to consumers through its salesforce. The software, called PC Retirement Shortfall Package, is Windows compatible.

The disk provides a projection of current pension provision, an illustration of the shortfall from what the consumer expects and a recommended monthly contribution level to ensure they save enough for retirement.

Information will be illustrated in text form and by graph using assumptions about investment growth rates, annuity interest rates, inflation and earnings growth.

The programme factors in the value of current contributions plus extra income from the basic state pension and Serps.

Pensions marketing manager Alun Jones says: "So many people believe that because they have started a pension they have provided adequately for their retirement and that they can rely on the state.

"The statistics clearly show that the majority of people are misguided in their assumptions. Our retirement planner will be useful for individuals and their advisers."

Legal & General also launched computer software last month to help IFAs show clients if they face a pension shortfall.

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