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Aviva launches cashflow modelling for pension freedoms

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Aviva has partnered with Distribution Technology to launch a new tool to help advisers model different retirement income options with clients.

The Retirement Forecaster is available on Aviva’s adviser platform and will be whole-of-market.

It allows advisers to include income streams from different sources such as salary, pension schemes, state benefits and Isa withdrawals.

Outcomes will be based on three stochastic models with 10 risk-rated portfolios. Advisers are able to blend different income options to model different scenarios.

There will also be a joint planning facility for couples. All assumptions on the forecaster will be reviewed and updated quarterly.

Aviva adviser platform chief executive Tim Orton says: “Following the biggest pension changes in a generation, there are now more options than ever for saving and for turning those savings into an income. The Retirement Forecaster offers advisers a way to start conversations with clients by modelling different savings scenarios and different income options, such as UFPLS, drawdown and annuities, to help them show clients what their income could look like.

“It allows an adviser to present ‘what if?’ scenarios showing a client the impact of small changes, for example in contributions or retirement age, to demonstrate the impact on likely retirement income.”

Distribution Technology co-founder and chief executive Ben Goss says: “The retirement market has changed dramatically and while the pension freedoms are powerful, the challenge is making suitable decisions which meet an individual’s goals with so many variables.

“We believe the tool can help advisers to overcome these challenges by allowing them to discuss the risks and benefits of different approaches in a clear and engaging manner whilst ensuring suitability and reducing the cost to serve clients.”

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