CTC Software is set to begin testing a new retirement planning tool in response to this year’s radical Budget reform.
The financial services software provider says the tool, which allows users to compare outcomes of different retirement strategies, will be trialled with a set of advisers over the summer with a view to rolling it out later in the year.
It will be free to use for advisers and funded by providers. It includes a set of financial planning questions and scenario modelling with an option to purchase an annuity or drawdown contract.
CTC says the software will be accessible for advisers via web browser and tablet.
Commercial director Phillip Hodges says: “Anybody can use the Retirement Hub and we urge financial advisers, retirement product providers and those that help the retired to make Retirement Hub available through face-to-face or online guidance or by inclusion in websites, before the wrong irreversible decisions are made.”
Platforum managing director Holly Mackay says: “The Budget has shoved pensions firmly up the agenda for most, with drawdown taking centre stage.
“Technology will inevitably be part of the solution for the advice gap ‘at retirement’. CTC Software recently presented the Retirement Hub at Platforum’s Technology Showcase – ‘Top Gear’. It provides an interesting way of looking at annuities side-by-side with drawdown which feels like a timely discussion for groups to be having”.